The mortgage industry is increasingly focused on providing creditworthy minority borrowers with access to loans and credit. For many, the process of getting a loan can be lengthy and difficult, as minority groups tend to have less wealth and, often, are first-time buyers.
To ensure minority-owned borrowers have access to the most competitive loans that meet their needs, lenders must invest more time and work in order to provide these services. When doing so, lenders must provide equal access to the borrowing process, and address any additional barriers minority borrowers might experience, such as lack of credit history, financial literacy, language and cultural barriers.
– Minority borrowers typically possess less wealth and often are first-time buyers
– Lenders must invest more time and work to provide competitive loans they need
– Loan processing must ensure equal access to all borrowers
– Additional barriers include lack of credit history, financial literacy, language and cultural barriers
You can read this full article at: https://www.housingwire.com/articles/opinion-how-to-close-the-minority-homeownership-gap/(subscription required)
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