Women Home Buyers Paying More for Mortgages

While doing research for another article, I came across a disturbing study by the Consumer Federation of America stating that women are more likely to be put into subprime mortgages than men - even if their income and credit is comparable to the men in their same market. 

Even more disturbing is the finding that as women made more money, the disparity actually increased – women earning more than the double median income were almost 50% more likely than men to receive a subprime rate (mortgage rate over 7.66%).  Apparently, creditworthiness and income isn’t the most important factor in determining your mortgage rate. 

The lesson to be learned here is that if you are a woman seeking pre-approval for a mortgage, shop around and don’t assume that the lender is giving you the best loan rate.  Know your credit before going to a lender and do research on mortgage rates and lenders in your area.  And don’t be afraid to negotiate with a lender for the best rate and loan terms.