HomeWhen Women Borrow
by Mary Sit
(Formerly) Boston Globe Real Estate Reporter
Jennifer Broderick, a 40-year-old divorced mother of one, remembers thequaking in her stomach when she bought her three-bedroom house in Walpole.
"The hardest part was emotional,'' says Broderick, an office assistant."Do I really want to do this all alone? I'm not married; I'm all alone.The house is set back in the woods with a pretty long driveway.''
Broderick questioned her intentions. "I kept thinking I would getmarried,'' she says. "Subconsciously, that was on my mind.''
Broderick's experience is just one example of why single women may strugglemore than single men or couples in the mortgage process. Their fears arebound up in traditional behavioral patterns and inhibitions.
Statistically, gender bias does not exist in lending patterns. None ofseveral single women home owners interviewed for The Mortgage Almanac complainedof discrimination. But a single woman's biggest problem may be herself.
More single women are buying houses on their own, stepping into a traditionallymale domain. Even today, home financing still is largely a male preserve.There are relatively few women loan originators, underwriters, appraisers,and home inspectors, although the numbers are increasing.
Consequently, female home buyers must overcome deep-seated fears aboutbuying and borrowing, housing experts say. One female real estate attorneysays that much of her time with single women buyers is spent quelling theiranxieties.
"Single women have the same fears as everyone else - and then afew more,'' says Joan A. Koffman, a real estate attorney at Koffman &Dreyer in Watertown "The few more fears are around the mortgaging.''
Single women tend to worry about their credit history and their privacy.Lenders routinely ask applicants for detailed financial histories and anexplanation of their relationship with sources of money.
"They're very worried about what the bank is going to ask,'' saysKoffman. "If a friend gave me this money, will the bank ask what therelationship is? It's not fun for most people. Single women feel particularlynervous about that process.''
Singles usually do not have someone with whom to discuss ideas or offers,and often will turn to their attorney for advice that tends to be more psychologicalthan legal.
"They are still alone in the process; that makes for a particularlyinteresting relationship with their attorney,'' says Koffman. "Unlessthey have a very involved mother, they're going to call me.''
Andrea Dogon, a single, 30-year-old environmental consultant, decidedto look for a house in Natick because she was tired of paying $650 in rentfor an apartment she didn't like. After looking for a year, she bought anew 2,000-square foot cluster house. Dogon says it made economic sense tobuy - but she admits that the idea of home ownership was scary.
"I love the home, so that ultimately overshadows the fear,'' saysDogon. "There are certain responsibilities. It is a little frightening.But I'm getting comfortable with it.''
Dogon says her mother cut out articles about women who bought and sentthem to her so she wouldn't feel so alone. When it came time for her closing,Dogon insisted that Koffman attend.
"I wanted to know someone else was there to understand what wasgoing on,'' says Dogon. "You never know. They might have taken advantageof me.''
Housing experts say that single women tend to come into the buying processwell-educated and savvy. But single women tend to be more demanding thancouples who buy houses together.
"They are for the most part conservative and ask an awful lot ofquestions and definitely take things very slowly,'' says Tori Alves, a mortgagebanking consultant at Mortgage Information Services in Wellesley. "Alot of them like to meet face to face, rather than over a phone. I mightspend more than twice the amount of time with a single borrower than I dowith couples. They will call more often because they want it over with.It's more stressful (alone).''
Dianne Erickson, Assistant Vice President at Dedham Institution for Savingsand a loan originator for 26 years, says she tries to allow adequate timeto explain the mortgage process to her single women clients.
"You end up almost becoming their friend,'' says Erickson. "Untilyou become familiar with something, the fears don't go away. I personallytry to make them feel comfortable, and speak their language.''
Erickson says her loan applications from single women have increased20 percent over the last two years.
But two decisions prior to applying for a loan may be more difficult.Single women buyers agree that selecting a home and haggling for price maybe more nerve-wracking than getting a loan.
"I cried,'' says Beth Beighlie, a 34-year-old photographer who boughta three-bedroom house in Roslindale. "I made an offer and they madea counter offer. Then I made another offer. Then I flipped out. It was like,"I can't do it. I'm going to be cash poor. I'm going to be living avery boring life in Roslindale, 'Siberia.'
But Beighlie ended up buying the house for $99,000 and has no regrets.Her story conveys one of the subtle advantages, and pleasures, of buyingalone.
"In another life I was married and we couldn't agree on what wewanted,'' recalls Beighlie. "So it was nice to get what I wanted. Ididn't have to negotiate with somebody else. Interest rates were down, priceswere down, and I just didn't think I had to wait until I found the partnerof my dreams.''
Mary Sit has been a columnist with the Boston Globe.