Home Mortgage Buyers
From 2007-2021, Black homebuyers in Melrose were 68% more likely to be denied a mortgage loan than white applicants. The likelihood of denial extended to Black homeowners as well. Compared to white homeowners in Melrose, Black homeowners were 176% more likely to be denied a home improvement loan, 147% more likely to be denied in refinancing their mortgage and 63% more likely to be denied cash-out mortgage refinancing.
This report details the findings of our research.