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Sep

7

Mortgage rates are dropping

Filed Under mortgage

Denver Post is reporting that rates are dropping.

Their graphic is somewhat puzzling because the online article never references subprime lending.

Subprime loans are for borrowers who have:

LESS THAN PERFECT CREDIT
BANKRUPTCIES, FORECLOSURES, LIENS, COLLECTIONS
HIGH DEBT LOADS
MINIMAL TO NO ASSETS i.e. SAVINGS, 401K, STOCKS, FUNDS, etc.
HARD TO DOCUMENT INCOME

Subprime loans have:

HIGHER RATES
STRICT PENALTIES TO PREVENT YOU FROM SELLING OR REFINANCING
INTEREST ONLY AND 40, 45, OR 50 YEAR AMORTIZATIONS AVAILABLE
LENIENT UNDERWRITING

Is your rate too high? If you're looking to compare mortgage rates or to get a rate quote on a FHA loan start here

File this under: debt, denver, foreclosure, lending, mortgage, prime, rate, Subprime, va

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