Women are primary targets of subprime lenders and unscrupulous lending practices according to a recent Consumer Federation of America report. Minority women were reported as the most prone to victimization.
The statistics are alarming and the destruction that these unethical practices cause is already being seen in our communities. Awareness and education are necessary in order to preserve the financial well being of single women and their families.
Did you know that women?
Pay on the average of $ 517.00 more per month on their mortgages than their male counterparts?
Pay on the average of 5% more on their interest rate - resulting in as much as $ 186,000 more over the life of a mortgage loan amount of $ 150,000.
Are 6 times as likely to receive a high cost or high rate mortgage than their male counterparts.
The most recent information indicates that as many as 35% of the loans mortgage loan originated in 2005 were improperly placed in subprime loans when the borrowers would have qualified for prime rate loans. This means higher rates - higher payments and over the life of a 30 year loan could mean hundreds of thousands of dollars.
The primary reason for being sold an inappropriate loan or charged excessive fees is lack of knowledge. Women are often times afraid to ask or they don't know what to ask.
We need to tap into our educational resources because women are contributing to 24% of the new home purchases, refinacing their adjustable rate mortgages or possibly having to take charge of finances that their spouses previously handled.
Together we can make a difference and eliminate the cycle of lending abuse. Women are targets but we don't have to be victims.
For a copy of the report containing additional information regarding predatory lending and women - call Marcia Rodriguez at 877-4WOMAN1 or 877-496-6261. You may also e-mail me at rdrgz@charter.net and request a copy.
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