Infomarine On-Line Maritime News - The Mortgage Market Has a Gender Problem: Why Single Women Are 30% More Likely To Be Denied A Mortgage

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Gender inequality exists even in the mortgage market. Sole female applicants are 29.8% more likely to be denied a mortgage than sole male applicants, according to a LendingTree study.

LendingTree Chief Consumer Finance Analyst Matt Schulz believes income unquestionably plays a big factor in these disparities. "Women tend to have smaller incomes than men, and that can create homebuying challenges," he said in the report. "While income doesn't factor into your credit score, it massively affects your debt-to-income ratio, your ability to save for a down payment and your comfort level with a long-term financial commitment like buying a house."

Don't Miss:

Fast Company Calls It a ‘Groundbreaking Step for the Creator Economy' — Investors Can Still Get In at $0.81/Share
Forget Flipping Houses—This Fund Lets You Invest in Home Equity Like Wall Street Does

The disparity isn't limited to one region, either. In Louisiana, for example, single women face a mortgage denial rate of 29% compared to 18.1% for single men. Similar gaps appear across the South, including Mississippi and Alabama.

And while homeownership among single women has grown, especially compared to decades ago when women couldn't even open a bank account or get a mortgage without a male co-signer, it's still not an equal playing field when it comes to access and approval rates.

That matters because homeownership is a proven wealth-building tool. When qualified buyers, particularly single women, face higher hurdles, they fall behind in equity accumulation.

Trending: Wall Street's $12B Real Estate Manager Is Opening Its Doors to Individual Investors — Without the Crowdfunding Middlemen

How To Up Your Chances Of Approval As A Woman

If you're applying for a mortgage on your own as a woman, here are a few ways to improve your approval odds despite the statistics.

Strengthen your financial profile. Pay down high-interest debt, keep your credit utilization below 30% and aim for a credit score above 700 to improve your chances.
Save for a larger down payment. Having a larger down payment will make your offer stronger and reduce how much you need to borrow.
Shop around for lenders. Underwriting standards vary, and some lenders are more flexible than others. Make sure to compare quotes from at least three lenders to get the best terms.
Get preapproved early. A preapproval gives you a realistic picture of your budget and shows sellers you're a serious buyer.
Know your rights. Gender-based discrimination is illegal under the Equal Credit Opportunity Act. If you believe you've been treated unfairly, file a housing discrimination complaint with the Consumer Financial Protection Bureau or the U.S. Department of Housing and Urban Development.