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Aug16
Minorities Sticker Shock??
I read a couple of articles in the news lately that minorities pay higher mortgage interest or face 'rate shock' over home loans. I did not find this surprising because when minorities begin the process some are not fully knowledgeable about the entire process. Based on a lack of information, understanding the process and even lack of a downpayment, decisions are made on limited information. There are a lot of minorities that get a home with an adjustable-rate mortgage. They are not fully aware of the pros and cons of an adjustable-rate mortgage. Years down the road when the adjustment comes they are in a situation they had not even planned on. What do you believe could be a step to lower those higher mortgage interest rates?

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