RealtyBizNews - Real Estate Marketing and Beyond
Real Estate Marketing & Beyond
Home » Housing » US Real Estate » Real Estate » Mortgage » Women "less familiar" with mortgage options than men

Women "less familiar" with mortgage options than men

By Mike Wheatley | June 17, 2019

Women on average tend to be less aware than men of the various mortgage options they have when it comes to applying for a home loan. As a result, they often end up paying thousands of dollars more, according to a new LendingTree study that tracked data from the Consumer Financial Protection Bureau.

Mortgage Home Fbook Link

The study found that female first-time buyers and repeat borrowers tend to be less familiar with the mortgage application process. There are some big disparities between men and women first time buyers when it comes to their familiarity with mortgage rates and the various loan options on offer, the study found.

“It seems women are paying a higher price to access homeownership than they should,” researchers note in the study.

But although females are less familiar with their options, the study found that in fact, men too could still benefit from improving their knowledge. For example, 45% of women said they considered more than one lender when shopping around, compared to 51% of men. Studies show that the more people shop around, the greater savings that can be had. And these savings can potentially add up to thousands of dollars over the 30-year lifetime of a typical mortgage.

Single women accounted for about 20% of the 7 million home sales in 2018, and researchers say they may have overpaid by more than $1 billion because of failure to shop around for a mortgage. Extra costs for men, according to the study, are about half of that for women, they said. “Understanding home buying and mortgages can be a little daunting, but getting educated about the process can greatly improve a borrower’s experience—and potentially save them substantial sums of money,” researchers note in the study.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
  • Advertise with RealtyBizNews - Media Kit
  • real estate digital marketing
  • Get Digital Marketing Training
    right to your inbox
    All Contents © Copyright RealtyBizNews · All Rights Reserved. 2016-2023
    Website Designed by Swaydesign.
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram