Owning a Home While Black - Pitfalls and Solutions

Owning a home while black

To be exact,

Is still a challenging state

Without debate

Because discrimination is still alive and intact.

Owning a home in these turbulent market conditions can present challenges of their own. Challenges that can require quick, financial changing decisions. But if you're an African American homeowner you face unique challenges compared to other racial groups.

Yes, even after years of marching, protest and laws passed on federal, state and local levels African American homeowners still face unique problems.

According the latest Federal Housing records, compared to other racial groups with similar income and credit ...

- African American homeowners are turned down for refinancing the most.

- African American homeowners receive a higher rate on a refinanced loan and charged higher fees.

- African American homeowners pay higher rates for homeowner insurance.

- African American homeowners pay more for a home improvements.

- African American homeowners pay more for home repairs.

- African American homeowners have more contractor fraud complaints on file than any other racial group as a percentage.

- African American homeowners are one of the leading racial groups to experience foreclosures because of predatory lending.

- African American homeowners are one of the least informed.

Despite all these obstacles more African American own homes now than ever before in history. By owning a home you have bucked incredible odds. And by keeping your home you are bucking even larger odds, especially in this current housing and mortgage climate. By staying educated and informed you increase your odds of avoiding problems many homeowners will face.

Here are 7 Tips Every Black Home Owner Should Know:

1. Keep Your Eye On The Market.