The Biden administration pushed to save homeowners thousands of dollars in closing costs on certain mortgages, part of a broad effort to slash fees and save Americans money. Objections from an obscure industry and from lawmakers helped kill the plan.
Tag: home loans
Fannie Mae Aims to Make Home Loans More Accessible
Mortgage finance giant Fannie Mae is making it easier to include rent-payment history as part of the mortgage approval process, a move intended to help borrowers with limited credit histories get better access to home loans. Fannie Mae said that starting next month it will help lenders factor in borrowers’ history of rent payments when… Continue reading Fannie Mae Aims to Make Home Loans More Accessible
Black Homeowners Pay $13,464 More on their Mortgages, Study Says
Black borrowers pay $13,464 more over the life of a home loan, with interest, mortgage-insurance and tax expenses higher than for their White counterparts, further hurting African Americans’ ability to save for retirement, according to a new study. The biggest reason for the gap is the risk-based pricing found in most U.S. mortgages, which disadvantage… Continue reading Black Homeowners Pay $13,464 More on their Mortgages, Study Says