Small misunderstanding that went on my credit record, but for a miniscule amount and easily explained. That, more than anything else, will make you a more attractive mortgage applicant and probably get you not only a larger loan but a lower rate. We paid a few points. You should only refinance when the savings on the new rate are substantial enough to pay down the cost you incurred in getting into your current loan within a two year period. Hello, Thank you so much for such informative discussions.
Lenders charge points quite simply to increase their yield on the loan.
A good credit is a good credit regardless of the ethnicity of the applicant. I suspected the turndowns were more likely due to credit problems and lack of understanding of the mortgage loan process. Obviously it is a violation of the Fair Housing Act and other civil rights statutes to discriminate on the basis of race in making or pricing a loan. It makes no business sense that I can think of for a lender to turn down an applicant with acceptable credit on racial grounds. A more common situation, however, may be discriminatory pricing of mortgages, where a lender may think that it can get away with charging minority borrowers higher interest rates.