Black buyers got about seven percent of new 2019 home loans. Andre Perry, The Brookings Institute fellow and author of ‘Know Your Price, Valuing Black Lives and Property in America’s Black Cities’ joins ‘Power Lunch’ to discuss the difficulties Black Americans face trying to get mortgage loans. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

This Black borrower has an outrageous story about his mortgage refinance.

When the coronavirus struck the U.S. in early spring, and the stock market went into freefall, mortgage rates began to plummet as well. Thousands of homeowners rushed in to refinance their loans, getting much-needed savings on their monthly payments.

Akili Akridge, a Black homeowner in Maryland, saw all the flurry over low rates in April, so he decided to jump in too. The rate on his 30-year fixed mortgage at the time was 4.125%, well above the market rate of just over 3%.

“I’m watching the news and keeping track, and I’m talking to friends who are refinancing, and they’re saying that they got in the low threes,” said Akridge. “I said of course, this would be a great thing for us to do. Why not?”

Akridge bought the townhome with his partner, Melissa, just over two years ago. She is White. The mortgage was in her name. Since she recently started her own business, which makes the mortgage process generally more complicated, they figured it would be easier for Akridge to refinance the loan on his own.

Akridge had all the necessary financial credentials: He had been working at his company for more than two years, where he said he earned a six-figure salary. He also said he had about an 800 FICO credit score, and that he and Melissa had close to 20% equity in the home, more than enough to refinance.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

For info on the best credit cards go to CNBC Select:
https://www.cnbc.com/select/best-credit-cards/

#CNBC
#CNBCTV

source

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *