When it comes to mortgage loan approval rates, a new study says that women are rejected more often than men.
Chicago-based Woodstock Institute found that women were 24% more likely to be rejected for a first mortgage loan and 39% less likely to be approved for a refinance.
The study was based on 58,870 applications for mortgage purchases and 198,522 applications for mortgage refinances within the six county Chicago region. The 2010 Home Mortgage Disclosure Act (HMDA) supplied the information for the study. Applicants pursued loans for a variety of mortgage types including conventional, FHA, VA as well as for both purchase and refinance.