Black and Hispanic Home Buyers Pay Higher Interest on Mortgages, Study Finds

[pedroh 21]

lol nuthing.. but.. U're right.. now I want that answer!!

Well... it is possible that the average black/Hispanic buyer has a lower credit score than your average white buyer. That lower average might account for higher average rates.

well.. of what i've seen, my latino customers don't have the slightest idea how does credit work (which i dont blame'em lol, it takes a while to learn the game).. and they think credit just builds because of time, rather than with spending and more spending.. a lot of them got radioshack credit cards (very difficult to obtain, very very difficult to pay, its a pro's card) and didn't know they had credit at all lol

Right. Same is true for many Indians I know. And what's worse, many of these Indians who do not speak English too well and do not trust (or know how to use) the Internet, end up going to Indian-run banks when it is time for a mortgage. And they get ripped off big-time.

or the amigos have 1 credit card and they have neve used it.. some of them think just because u have the card.. that'll give u points

[Mr. Big Dog 10,747]

lol nuthing.. but.. U're right.. now I want that answer!!

Well... it is possible that the average black/Hispanic buyer has a lower credit score than your average white buyer. That lower average might account for higher average rates.

well.. of what i've seen, my latino customers don't have the slightest idea how does credit work (which i dont blame'em lol, it takes a while to learn the game).. and they think credit just builds because of time, rather than with spending and more spending.. a lot of them got radioshack credit cards (very difficult to obtain, very very difficult to pay, its a pro's card) and didn't know they had credit at all lol

Right. Same is true for many Indians I know. And what's worse, many of these Indians who do not speak English too well and do not trust (or know how to use) the Internet, end up going to Indian-run banks when it is time for a mortgage. And they get ripped off big-time.

Indians rip off Indians? You think that other immigrant and/or minority communities function the same way?

[w¡n9Nµ7 §£@¥€r 123]

lol nuthing.. but.. U're right.. now I want that answer!!

Well... it is possible that the average black/Hispanic buyer has a lower credit score than your average white buyer. That lower average might account for higher average rates.

well.. of what i've seen, my latino customers don't have the slightest idea how does credit work (which i dont blame'em lol, it takes a while to learn the game).. and they think credit just builds because of time, rather than with spending and more spending.. a lot of them got radioshack credit cards (very difficult to obtain, very very difficult to pay, its a pro's card) and didn't know they had credit at all lol

Right. Same is true for many Indians I know. And what's worse, many of these Indians who do not speak English too well and do not trust (or know how to use) the Internet, end up going to Indian-run banks when it is time for a mortgage. And they get ripped off big-time.

Indians rip off Indians? You think that other immigrant and/or minority communities function the same way?

Yes.

[Mr. Big Dog 10,747]

lol nuthing.. but.. U're right.. now I want that answer!!

Well... it is possible that the average black/Hispanic buyer has a lower credit score than your average white buyer. That lower average might account for higher average rates.

well.. of what i've seen, my latino customers don't have the slightest idea how does credit work (which i dont blame'em lol, it takes a while to learn the game).. and they think credit just builds because of time, rather than with spending and more spending.. a lot of them got radioshack credit cards (very difficult to obtain, very very difficult to pay, its a pro's card) and didn't know they had credit at all lol

Right. Same is true for many Indians I know. And what's worse, many of these Indians who do not speak English too well and do not trust (or know how to use) the Internet, end up going to Indian-run banks when it is time for a mortgage. And they get ripped off big-time.

Indians rip off Indians? You think that other immigrant and/or minority communities function the same way?

Yes.

So, it doesn't take the white man to get some decent discrimination done, eh?

[pedroh 21]

lol nuthing.. but.. U're right.. now I want that answer!!

Well... it is possible that the average black/Hispanic buyer has a lower credit score than your average white buyer. That lower average might account for higher average rates.

well.. of what i've seen, my latino customers don't have the slightest idea how does credit work (which i dont blame'em lol, it takes a while to learn the game).. and they think credit just builds because of time, rather than with spending and more spending.. a lot of them got radioshack credit cards (very difficult to obtain, very very difficult to pay, its a pro's card) and didn't know they had credit at all lol

Right. Same is true for many Indians I know. And what's worse, many of these Indians who do not speak English too well and do not trust (or know how to use) the Internet, end up going to Indian-run banks when it is time for a mortgage. And they get ripped off big-time.

Indians rip off Indians? You think that other immigrant and/or minority communities function the same way?

the amigos lie to each other lol... if u see the spanish celphone ads they say 'u can get a cellphone with no ID and no SS!! just bring us a pay stub and a bill and u can get ur phone' (which, technically u can do, with some celphone companies, but it requires some steps)

[w¡n9Nµ7 §£@¥€r 123]

lol nuthing.. but.. U're right.. now I want that answer!!

Well... it is possible that the average black/Hispanic buyer has a lower credit score than your average white buyer. That lower average might account for higher average rates.

well.. of what i've seen, my latino customers don't have the slightest idea how does credit work (which i dont blame'em lol, it takes a while to learn the game).. and they think credit just builds because of time, rather than with spending and more spending.. a lot of them got radioshack credit cards (very difficult to obtain, very very difficult to pay, its a pro's card) and didn't know they had credit at all lol

Right. Same is true for many Indians I know. And what's worse, many of these Indians who do not speak English too well and do not trust (or know how to use) the Internet, end up going to Indian-run banks when it is time for a mortgage. And they get ripped off big-time.

Indians rip off Indians? You think that other immigrant and/or minority communities function the same way?

Yes.

So, it doesn't take the white man to get some decent discrimination done, eh?

No, but the white man is awfully good at it too. We all have so much we can learn from each other

[pedroh 21]

and when u come to US to visit or u are back from a trip.. the worst officers are the latino ones.. they are rude, they act like if they had envy of you or sometihng like that... i like te officers, except the latino ones.. zomg they suck

[w¡n9Nµ7 §£@¥€r 123]

and when u come to US to visit or u are back from a trip.. the worst officers are the latino ones.. they are rude, they act like if they had envy of you or sometihng like that... i like te officers, except the latino ones.. zomg they suck

haha the worst airport staff is in India... whenever I leave India they harass me... one time they emptied my whole bag on the floor asking me if I had a bomb or knife in there... I said no... so they turned it upside down and just dropped it all on the floor... used their baton to go through it and then asked me to repack my stuff quickly... when it took me a while i got yelled at for being so damn slow

[chri'stina 190]

My parents got a high interest rate last year when buying a house, because of not so great credit. Sujeet and I got a lot lower of an interest rate than my parents did, because we have good credit(mostly from me, before Sujeet moved here), and Sujeet had only been working in the US for a year!

As agent said, it's very possible the higher interest rates are due to lower credit scores of the avg Hispanic/Black buyer. Credit is a huge deal when trying to buy a house, and my "white" parents still got a high interest rate due to low credit.

Something funny-my parents just found out the county wants to buy their house!! They've only lived it in 8 months. The County needs to widen the road they live off of! Crazy! But they already talked to the county and they can ask for a higher price and get enough profit to have a nice down payment on a new house, and then they will have a much lower interest rate. So it's working out for the best for them actually.

[w¡n9Nµ7 §£@¥€r 123]

Christina,

That's awesome that the county is going to give them a good price. But if they need it for a highway, why not lawyer up and see if you can get even more?

[chri'stina 190]

Christina,

That's awesome that the county is going to give them a good price. But if they need it for a highway, why not lawyer up and see if you can get even more?

I doubt they'd want to go through all that. The county told my dad that he can ask as high as he wants, it will go before a board, and they will agree or negotiate the price. Whatever houses don't agree to sell, then the county has to get lawyers and go to court to make people move(not very nice!). But if you voluntarily sell to them, you are able to get a higher price since they won't have to get a lawyer and pay court fees to make you sell. My dad is planning to ask atleast 40K above what it's worth. And the time frame is within 6 months to a year, pretty soon! (it's not a highway, just a local road that they want to make from one lane on each side to 2 lanes on each side)

[w¡n9Nµ7 §£@¥€r 123]

40K more is pretty good. I wonder what would happen if he asked for 60K more.

[chri'stina 190]

40K more is pretty good. I wonder what would happen if he asked for 60K more.

Yeah we were all joking about that, saying he should write down any number he wants, even if it's ridiculously high. Their house was 167K, he is going to write down possibly 220K I think, and see what happens(oops that's not 40K, more like 50K!). They did do some things in the house after moving in too, like new laminate floors in a large portion of the house. So my dad would make his case based on the work they did on the house after moving in, the fact that they haven't been able to build much equity since the've been there only 8 months, the cost of moving again, wanting to have enough money for a down payment, and the annoyance of the whole situation.

[w¡n9Nµ7 §£@¥€r 123]

167? I'd ask for 280. But then I'm desi so greed is what I'm all about

[pedroh 21]

167? I'd ask for 280. But then I'm desi so greed is what I'm all about