High rates likelier for minorities
BY DEB GRUVER
The Wichita Eagle
Minority homeowners receive high-interest mortgages 30 percent more often than whites, even when they have the same credit histories and qualifications, a national study has found.
The study, released Wednesday by the Center for Responsible Lending, analyzed 50,000 mortgages in the subprime market. Subprime loans carry higher interest rates and generally are marketed to people with less-than-perfect credit who can't qualify for a better rate.
Black and Hispanic families were a third more likely to finance the purchase of a home with a high-interest loan, according to the study, which looked at data collected under the Home Mortgage Disclosure Act.
The center says high-interest and high-fee lenders aggressively go after minority customers while lenders who can offer better rates often overlook them, the center says.
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The article does include a few ways to be sure you get the BEST (and fair) interest rate.
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