Mortgage Knowledge Gender Gap Could Be Costing Women Over $1 Billion a Year

Over the years, research has found numerous differences between men and women that affect their financial prospects and outcomes. While the gender wage gap is well known, economists at the Federal Reserve have also found that women have lower credit scores on average, and some studies have shown there may be a difference in risk aversion between the genders.

In a study, LendingTree reported that single women owned homes at higher rates than single men. This suggests women are overcoming both the gender pay gap and the credit score gap in pursuing their dream of homeownership.

However, it seems women are paying a higher price to access homeownership than they should. A new LendingTree study of data from the Consumer Financial Protection Bureau reveals that women report being less prepared in terms of knowledge about mortgages and also comparison shop less than men. This can result in considerably higher costs. Borrowers can save tens of thousands of dollars over the life of a 30-year mortgage loan by shopping around.

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