Blacks and Latinos are often fleeced
Black and Latino home buyers are more likely to pay high mortgage rates than white borrowers with similar credit ratings and income levels.
when shopping for home loans
The Center for Responsible Lending said either loan sellers are charging higher rates to the minority customers or those borrowers are being steered to loan sellers that specialize in higher rates.
The study found that blacks were 29% more likely to pay a high interest rate on a fixed-rate home purchase loan. A Latino borrower also was more likely to pay a high rate.
Read the study here.
And a higher interest rate isn't the only way black and Latino home buyers are victimized. See previous post here.