Unfortunately,
some lenders do discriminate against people for their
income or even the color of their skin. Although
it’s illegal, they get away with it on occasion, so
you need to know your rights.
While
they may not deny you a loan altogether,
they can create hardships for you by making you
pay more for your loan than someone who makes more
or has the right skin tones.
The methods they use to
discriminate against some consumers could put you at risk for losing
your home by making it so hard on
you that you default on your loan. Before you
sign on the dotted line, make sure there’s not a
better deal that you’re entitled to!
If you feel you might be taken advantage of, try going
to a non-profit agency (such as the Association of Community Organizations
for Reform Now) that has an agreement with
local banks to secure financing for local residents. Thanks
to the Community Reinvestment Act, local lenders are required to
lend anywhere they also take deposits!
Disclaimer: The information
provided in this site is not legal advice, but general
information on financial issues commonly encountered. We
shall not be liable for any errors in the content or for
any actions taken in reliance thereon. Please consult
your financial
advisor.
