A recently published study shows that black mortgage applicants are 8o% more likely to be rejected for mortgage financing than their comparable white peers. Mortgage lenders continue to claim that they are fair and balanced in their lending decisions. One of their primary defenses is that the majority of lending decisions are made by AI systems. However, those AI systems were trained on systemically racist historical data and use biased financial scoring metrics.
| Today’s Rate | 2.811% |
| Change From Yesterday | -0.075% |
| Change From One Week Ago | -0.142% |
| Change From One Year Ago | -0.219% |
| Today’s Rate | 2.126% |
| Change From Yesterday | -0.076% |
| Change From One Week Ago | -0.128% |
| Change From One Year Ago | -0.457% |
Algorithms are increasingly being used to automate decision making processes that used to be presided over by real people. Loan approvals and job application submissions are just some examples of crucial decisions that are now made by AI algorithms. However, the programming and function of these algorithms is never checked or monitored by any sort of regulatory agencies. This allows millions of people to be effected by the decisions of algorithms, without any measure for recourse.
Rental prices are higher than mortgage payments across most of the US. At the same time, it is a difficult market for home buyers. Available houses for sale are in short supply, real estate prices are high, and lending standards are tight. When considering whether to rent or buy, it is necessary to include the many hidden costs of home ownership into your financial projections. Insurance, taxes, HOA fees, home maintenance, and repairs are all costs that homeowners must manage in addition to their mortgage payments.
Refinancing can save a lot of money for homeowners, both in terms of monthly payments and the long term cost of the loan. However, the savings are much more significant for owners of high value properties. It is important to do your financial calculations before refinancing. A rule of thumb is that you should refinance if you will save as much or more as you spend in closing costs during the first year of reduced payments.
Getting your free Gold IRA Kit can often be the first and best step to…
Hair transplants can help restore confidence for individuals suffering from hair loss, but the cost…
Pet insurance can provide peace of mind for pet owners, but the cost can sometimes…
For couples and individuals struggling with infertility, in vitro fertilization (IVF) can be a life-changing…
Medicare is constantly evolving to meet the needs of seniors, but many beneficiaries may not…
In a game-changing move, phone providers like AT&T and Straight Talk are turning heads with…