Mortgage and real estate news this week: Black-focused mortgage lenders, first-time buyers by the numbers

Black-led and Black-owned mortgage lenders help combat disparities in homeownership. In other news, learn about the demographic makeup of first-time homebuyers in 2022.

Mortgage lenders serving Black borrowers

Mortgage lenders that serve Black communities play an important role in expanding homeownership to Black Americans. Typically banks or credit unions, these lenders often support borrowers throughout their financial lives.

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Pros and cons of interest-only mortgages

With an interest-only mortgage, you’ll only pay the interest on the loan for a set period of time. After that, you’ll be responsible for paying both principal and interest in your monthly payments. This type of loan might work well for you if you sell the home quickly, but it also presents considerable risks.

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Risks of home equity loans

Home equity loans can be a useful tool, but take care not to treat your home like a piggy bank. Your home is the collateral for the loan, so you risk foreclosure if you default on a home equity loan.

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Checklist of documents for mortgage preapproval

You’ll need to provide financial documentation in order to obtain a mortgage preapproval, including evidence of your income, assets and debts.

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First-time homebuyers today

Despite the challenging housing market, more Americans are buying a home for the first time. Still, first-time buyers cite saving for a down payment as a common roadblock.

See also  2022 first-time homebuyer statistics

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