Discrimination in mortgage lending with higher mortgage rates qouted is prohibited by the Federal Fair Housing Act. The government agency that enforces the provisions of the low is the Department of Housing and urban Developtment (HUD).
The Fair Housing Act makes it unlawful to engage in the following practices based on race, color, national origin, religion, sex, familial status or handicap (disability). Home loan lenders cannot refure to make a mortgage loan to you or refuse to provide information regarding home loans. A mortgage calculator with taxes mortgagecalculatorwithtaxes.biz can help you figure out how much home you can afford.
Home loan lenders cannot provide you different mortgage terms, like higher mortgage rates, more mortgage points or higher fees when applying or closing on a home loan. Additional points to make under this Act is lenders cannot discriminate in appraising a property. Home loan lenders cannot refuse to purchase a home loan or set different terms or conditions for purchasing a loan.
If you believe you can been discrimiated agaisnt a lender with one of the absives menitioned above you can do something about it by filing a complaint. Think about the application process and if you feel you may be the victim of discrimination including being quoted higher mortgage rates you should file a complaint.
If you recognize the signs of home lending discrimination is the first step in filing a complaint. When you file a complaint with HUD they will investigate your complaint and it won’t cost you a dime.