Interest rate: An interest rate is the cost you are charged for borrowing money.When taking out any loan, it’s important to understand these four factors: Common types of unsecured loans include credit cards and student loans. Unsecured loans don’t require collateral, though failure to pay them may result in a poor credit score or the borrower being sent to a collections agency. In exchange, the rates and terms are usually more competitive than for unsecured loans. Common examples of secured loans include mortgages and auto loans, which enable the lender to foreclose on your property in the event of non-payment. remains high, with white households's homeownership rate standing at 72.1 percent, compared to 51.1 percent for Hispanic households and 43.4 percent for Black households, according to 2020 data from the National Association of Realtors.Secured loans require an asset as collateral while unsecured loans do not. The racial gap in homeownership rates in the U.S. Such claims are fueling misinformation around the program, as the BofA's plan, though it focuses on Black and Hispanic neighborhoods, is not only targeted to minorities, and white people can apply as well, according to the required eligibility criteria. Conservative comedian Tim Young tweeted: "Can someone explain to me how this isn't racial discrimination?" House candidate Irene Armendariz-Jackson, a rising star of the GOP, the daughter of Mexican immigrants and the wife to a border patrol agent.Ĭonservative author Michael Savage wrote: "Welcome to Zimbabwe (Whites need not apply). "What about first time homebuyers who are not Black or Latino? Are they told to kick rocks?," tweeted Republican Texas U.S. Claims of Racial Biasīut the announcement of the program has also sparked backlash among a fringe of right-wing politicians and commentators on social media who have tweeted their discontent with the BofA's plan, calling it discriminatory towards white people. The bank said it has already helped more than 36,000 people become homeowners through this scheme. Map Shows Nearly 200 Housing Markets That Could See 20 Percent Price DropīofA had already started addressing the issue, with a previous $15 billion program to offer affordable mortgages, grants and educational opportunities to help 60,000 individuals and families purchase affordable homes by 2025, under the Community Homeownership Commitment.
Bank of america mortgage calculator trial#
John Smith/VIEWpress Trial Phase and HurdlesīofA has also not yet revealed the size of the program, which is still in a trial phase and could later be expanded to other cities next year.Įligibility will be based on income and home location, according to a statement by BofA, while the credit guidelines will be based on factors such as history of making rent, utility, phone and auto-insurance payments on time.
Charlotte-based Bank of America announced a no-down payment mortgage program on Wednesday aimed at first-time homebuyers in five minority neighborhoods.
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