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.
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Owning a home and dealing with mortgage is something that many Americans have to live with!
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