"More than half of all black borrowers who got refinance mortgages in 2006 were sold subprime products. According to a recent study, black and Latino borrowers will collectively lose an estimated $164 billion to $213 billion in the wave of foreclosures that have followed that lending; we'll have absorbed about half the nation's overall foreclosure loss. For instance, your credit history is not that great. Banks generally reject mortgage applications if the credit score is below 670. With a mortgage broker, you can shop around for a lending company that offers bad credit mortgage loans.
