The mortgage crisis has hit the Latino community particularly hard. The Center for Responsible Lending reported last year that Latinos were twice as likely to have lost their homes to foreclosure, or are seriously delinquent, compared to white borrowers. Latinos were more likely to receive high interest rate (subprime) loans, and loans with prepayment penalities and other risky options.
Click here for the full study.
For many people, the process of purchasing a home can be a daunting task. That challenged is magnified for recent immigrants who must learn a whole new home-buying system in a new language.
One option for Latinos to turn to is information provided by www.mortgageloan.com, a website that provides information about mortgages and loans.
The company, which reports that it does not offer loans or mortgages directly or indirectly through representatives or agents, provides information to the Latino community on its website: http://www.mortgageloan.com/hispanic/
When it comes to real estate, one unifying trait all Hispanics is the fact most of them don’t have a full understanding of the U.S. real estate purchasing process, the company reported on its website.
“That’s the difference, not understanding the process,” says Carmen Mercado, president of the National Association of Hispanic Real Estate Professionals® and a Long Island, New York-based Education & Diversity Manager with NRT’s Coldwell Banker Residential Brokerage.
We’ve done our best to make this guide as comprehensive as possible, but you should always do your own research and talk to a trusted financial advisor or real estate professional who you are comfortable with and who understands your specific situation, the website reported. A mortgage is one of the biggest financial commitments you will make in your life. A trusted advisor can help you to make the best decision for you and your family before making any binding commitments.
Also, while this guide covers many aspects of the home buying process, it does not cover every aspect of that process. Save yourself some cash and some headaches by looking online to give yourself a more in-depth education on the process before going ahead with a purchase.
— Latino Links provides a periodic update of trends in digital media, education, lifestyle, marketing and politics impacting the Latino community. Produced by Amigos805.com