Monthly Archives: July 2013
This is a great article!
If you are applying for a joint mortgage on your property with your spouse or partner, the name that goes first could have more of an impact than you might think.
A 2010 study by the Woodstock Institute showed that mortgage lenders were inclined to show favoritism when men were the lead borrowers on joint applications. The study was undertaken within the Chicago area and it tracked joint applications for refinancing as well as home purchases. Over 250,000 applications were studied in the year 2010.
Surprisingly, the study showed that home purchase applications that listed the female partner as the primary borrower were 24 percent less likely to be approved.
When it came to mortgage refinancing, the application would be 39 percent less likely to be approved if a woman was in the primary position. The study was controlled in order to account for the size of the loan and…
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