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    JustPassingThroughAnne Branigin
    3/04/19 11:48am

    I say this on every one of these articles, but if it helps one person it’s worth it.

    If possible, deal with mortgage lenders at arms length. Always on the Internet, never in person. Code switch like hell on the phone. Don’t select race on the application.

    I live in a majority Black area. Did all of the above just by happenstance. Mortgage lender completed my race on the application for me and listed me as white. I even crossed out white during an application revision and the final application sent to me, they had selected white again!

    At closing, the attorney told me I was the first 30 year conventional mortgage she had seen for my area in over a year.  Yeah, I have great credit and a high salary, but most folks do in my neighborhood. So, that was surprising to me  

    I’m not saying this is a fool proof plan. I’m just saying, it can’t hurt.  FYI. 

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      GreenBabyWeightJustPassingThrough
      3/04/19 12:45pm

      At closing, the attorney told me I was the first 30 year conventional mortgage she had seen for my area in over a year. Yeah, I have great credit and a high salary, but most folks do in my neighborhood. So, that was surprising to me

      This is what’s dangerous... ARMs (adjustable rate mortgages) weren’t solely the cause of the ‘08 housing bubble crash, but it definitely played a huge role. Much like these shitty 84-month car notes dealerships are pushing now, economically challenged people are only looking at one number... monthly payments. It allows them to purchase more house than they can really afford, and typically aren’t prepared for the subsequent increase in rates for the years to follow.

      ARMs have gotten slightly better due to increased regulations, but it’s still ominous that your closing attorney hasn’t seen more traditional 30 years, especially in a time when interest rates are still very near historic lows.

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      JustPassingThroughGreenBabyWeight
      3/04/19 2:11pm

      Well, this was a few years ago (2015). So, it may be better in 2019 than it was in 2015. I hope so, but I was still shocked that was the case in 2015. 

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    whatamithinkingAnne Branigin
    3/04/19 12:19pm

    Sigh, not what I wanted to read this morning.

    “Because of long-term effects of racially explicit government housing policies..we need equally explicit government policies to remedy the imbalance. There is no way this can be fixed by market forces alone.”

    Sigh again...for too many of us, its like we’re caught in a trap.

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    I am the Silent OneAnne Branigin
    3/04/19 1:53pm

    Elizabeth Warren is from Massachusetts, not New Hampshire...

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    StairmasternemAnne Branigin
    3/04/19 11:46am

    We are currently on path for another housing market crash, might be a good time to really hammer down on politicians to remove remaining bias in policies. That either is going to need enough of a public outcry that the current administration cannot ignore it, or electing for a new President. 

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    SS FanAnne Branigin
    3/04/19 4:24pm

    I honestly didn’t realize this was such an issue. Most of the people in my family own at least one home in or around Detroit, including myself, and I’m broke. My credit wasn’t great...high 600's when I bought it, but I did have a few dollars to put down. I was instantly approved and verified within 2 weeks. Closed in 3 1/2 weeks. Again...I’m broke and my credit isn’t “good” (my other fam is high 700s...low 800s)

    With the programs for 3.5% down and Michigan’s down payment assistance, the cost/quality of some of the homes that people are renting in my Metro area, it seems like more of them could buy them if they wanted to. I’m not so convinced that they want to or know that they could. I know some folks that live in houses valued at 40k, but they are paying $700 a month in rent, I’m not sure how that makes sense.

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