(EMAILWIRE.COM, August 20, 2013 ) Weston, Florida -- A new study by the University of Utah showed that Hispanics who seek mortgages in the Salt Lake County are turned down twice as often as whites, and many who do get loans are charged higher interest rates than their white counterparts.
However, the Universitys analysis did not consider factors that could contribute to the different outcomes for latino homebuyers, because the study stopped short of claiming that lenders knowingly discriminated against non-white mortgage applicants.
James Wood, the director of the University of Utahs Bureau of Economic and Business Research, whose department did the study, said the information we have certainly puts up a red flag to show there is a relationship between loan approvals, interest rates and ethnicity.
Researchers found that the denial rate for Hispanics was 27.4 between 2006 and 2011, compared to just 14.2 percent of white mortgage applicants. One bias the researchers were able to cut out was to include all income levels. White applicants had approval rates near or above 60 percent for all incomes, but Hispanic approval rates never reached 60 percent, not even when their incomes were in the top 10 percent of all applicants combined.
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However, the Universitys analysis did not consider factors that could contribute to the different outcomes for latino homebuyers, because the study stopped short of claiming that lenders knowingly discriminated against non-white mortgage applicants.
James Wood, the director of the University of Utahs Bureau of Economic and Business Research, whose department did the study, said the information we have certainly puts up a red flag to show there is a relationship between loan approvals, interest rates and ethnicity.
Researchers found that the denial rate for Hispanics was 27.4 between 2006 and 2011, compared to just 14.2 percent of white mortgage applicants. One bias the researchers were able to cut out was to include all income levels. White applicants had approval rates near or above 60 percent for all incomes, but Hispanic approval rates never reached 60 percent, not even when their incomes were in the top 10 percent of all applicants combined.
About HalfaPayment.com
Half a Payment (http://halfapayment.com/) is the most convenient, easiest and safest way to pay off your debt, by paying bi-weekly installments of payments. Half A Payment does not charge upfront fees, and you can pay off your mortgage, auto loan, student loan or credit cards with bi-weekly payments to match your paychecks. Visit the website today and see how you can save with a biweekly mortgage calculator.
Customer Service
4156676565
info@halfapayment.com
Source: EmailWire.Com