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http://realestate.yahoo.... |
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Ebony | Why are the interest rates on home mortgages higher for African Americans? |
I am interested in refianancing my home and getting a new one in the near future but i dont want to be ripped off because of my skin color. |
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Yanswersmonitorsarenazis
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I've never personally seen anyone giving someone a higher rate just because of their race. It's blatantly illegal. It is perfectly legal, however, to discriminate based on credit.
However, and I'm sure this is mainly due to the fact that African Americans (and Hispanics), they seem to have worse credit (or more typically, a lack of traditional credit), more unstable jobs, and both races get higher rates, and are more likely to end up in subprime loans.
Much of that probably has to do with the targeted marketing to low-income neighborhoods and areas by the subprime companies. People who make less money are more likely to suffer hardship and credit problems when something goes wrong, like a broken vehicle, injury, job loss, as they are less likely to have had the ability to build a savings cushion to help out when something does happen. So, something goes wrong, you don't have cash savings to fall back on, payments get missed, and you're back in the poor cycle of paying higher rates and payments because your credit sucks. And because of those high payments, you can't save enough money to prevent the same thing from happening next time. And on it goes. And it's really quite unfortunate.
And, they may simply just believe what they are told when someone tells them that this is the best financing you can qualify for, you're lucky to get it, etc... If you have no other experience to go by, you'll likely believe it.
Personally, to me, everyone is green. My job is to find you the best financing package I can. Hopefully, it's the cheapest anyone will offer you, and you'll do your loan with me, and I get paid. No closing=no money.
The only way to know if you're getting a fair offer is to shop around. Every bank and broker has different programs, products, rates, etc... Some will be better than others. But if you talk to 3-5 different places, you'll get a good idea of who can offer you the best deal for your unique situation (and everyone's situation is unique). You'll hopefully find someone you feel you can trust to get you your best deal.
Good luck. |
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Marcie H
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That's ridiculous. Places don't do that. Interest rates vary depending on your credit. If you have good credit then you should have no problem. I have a friend who is Africian American and got excellent rates because she has excellent credit. I'm sure you will have no problem.. |
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autumn
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statistically african americans have a lower credit score....mortgage companies go by your credit , not by your skin color |
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iceman
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Nope. They are looking at your credit score and apprasial of your home. Often times there is correlation between skin color and those two factors, however, I can assure you they are not doing it juist because of your skin color.
You would have to be an complete fool to do that if you were a lender, simply because in this day and age if you were ever caught you would probably be executed by Al Sharpton himself. |
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bpl
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I suggest that you find a good lender/bank to deal with. Someone that you may know or have a banking history with. Race is something that is not even on an application and optional on closing docs. You should not have an issue. Rates are based on your credit score, type of mortgage, and institution you are doing business with. Good Luck!! |
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Quixotic
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They aren't higher because of discrimination. Banks are just as happy to make money off of you as me.
They can be higher because of worse credit. Or lower down payments. Both of which you can avoid. |
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Janet P
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Where did you get that idea? They don't care, all they worrry about is your credit and your income. |
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Paleface
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You say that in the form of a statement. And that statement is incorrect. For the most part, you will never meet in person anyone from the bank you eventually have a mortgage with. During the approval process there is the Goverment Monitoring System questions on the 1003(credit application) which asks your sex/race, and is voluntary to answer, not manditory. A bank couldn't care less if you were black, white, yellow, pink, purple. What they care about is that your money is green and you pay your bills on time. If you have bad credit, your rate will be higher because of that, not because of your skin color. If you have excellent credit you'll get a very good rate, plain and simple. |
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boston857
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Marcie H is right. First of, it is agst all applicable federal legislation (RESPA etc) for lenders to discriminate based on color. You get a high interest rate IF YOU HAVE POOR CREDIT HISTORY. That is the long and short of it. |
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mole
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thats a good question and legally i dont think they can do that; if it happens i would report it. good luck tho! |
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burga kiiong nocca
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That's BS
Discrimination happens because of your poor credit, not the color of your skin.....why would a mortgage lender shortchange himself on green money, just because you are black? |
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choice_finance
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if you are getting a higher rate, it's because of your credit scores and other qualifying issues. Money is money. You are not going to get ripped off because of your skin, but you will pay a higher rate if you haven't paid your bills on time. |
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