Women Pay More for Mortgages
This might be the most upsetting and confusing item on the list for which women have to pay thousands of dollars over the course of their lives. According to a 2011 study, women are required to pay for higher-interest mortgages, even when they have better credit scores.
This is supported by a 2005 study, in which 10 percent of women who took out mortgages received the highest-cost subprime loans, compared with about 7.5 percent of men. “There is some research indicating that women are, on the whole, less likely than men to bargain for major consumer purchases and credit transactions,” said Allen Fishbein, the federation’s director of housing and credit policy. “And one of the things that’s still relatively unknown is that mortgage loans can be negotiated with lenders and brokers” because female applicants are less likely than men to search and negotiate for lower rates.
In addition, a follow-up in 2015 of the 2011 study revealed black women have it even worse when it comes to mortgages while the Woodstock Institute found that women in Chicago were less likely to obtain a home loan at all, compared to their male counterparts.
