What is a Subprime Mortgage
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Is using the Subprime Mortgage Market the best option |
What is a Subprime Mortgage and how to know if using the Subprime Mortgage Market is the best option - International Property Forum.
Being unable to afford a mortgage, or not qualifying for a higher loan amount might tempt the borrower to look at the subprime mortgage market.
"Subprime" refers to the below-average credit score of the individual taking out the mortgage, indicating that they might be a credit risk. The interest rate associated with a subprime mortgage is usually high to compensate lenders for taking the risk that the borrower will default on the loan.
Taking a Subprime mortgage might make sense for the short term solution to an unexpected issue.
Looking to lower the interest rate over time though, the shorter the better, should be the main directive of any borrower using this real estate mortgage solution.
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