The Mortgage Market Has a Gender Problem: Why Single Women Are 30% More Likely To Be Denied A Mortgage — And How To Change That

LendingTree Chief Consumer Finance Analyst Matt Schulz believes income unquestionably plays a large origin successful these disparities. "Women thin to person smaller incomes than men, and that tin make homebuying challenges," helium said successful the report. "While income doesn't origin into your recognition score, it massively affects your debt-to-income ratio, your quality to prevention for a down outgo and your comfortableness level with a semipermanent fiscal committedness similar buying a house."

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The disparity isn't constricted to 1 region, either. In Louisiana, for example, azygous women look a owe denial complaint of 29% compared to 18.1% for azygous men. Similar gaps look crossed the South, including Mississippi and Alabama.

And portion homeownership among azygous women has grown, particularly compared to decades agone erstwhile women couldn't adjacent unfastened a slope relationship oregon get a owe without a antheral co-signer, it's inactive not an adjacent playing tract erstwhile it comes to entree and support rates.

That matters due to the fact that homeownership is simply a proven wealth-building tool. When qualified buyers, peculiarly azygous women, look higher hurdles, they autumn down successful equity accumulation.

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If you're applying for a owe connected your ain arsenic a woman, present are a fewer ways to amended your support likelihood contempt the statistics.

• Strengthen your fiscal profile. Pay down high-interest debt, support your recognition utilization beneath 30% and purpose for a recognition people supra 700 to amended your chances.

• Save for a larger down payment. Having a larger down outgo volition marque your connection stronger and trim however overmuch you request to borrow.

• Shop astir for lenders. Underwriting standards vary, and immoderate lenders are much flexible than others. Make definite to comparison quotes from astatine slightest 3 lenders to get the champion terms.

• Get preapproved early. A preapproval gives you a realistic representation of your fund and shows sellers you're a superior buyer.

• Know your rights. Gender-based favoritism is amerciable nether the Equal Credit Opportunity Act. If you judge you've been treated unfairly, record a lodging favoritism ailment with the Consumer Financial Protection Bureau oregon the U.S. Department of Housing and Urban Development.