Mortgage rates are dropping

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

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Tagged with: debt • denver • foreclosure • lending • mortgage • prime • rate • Subprime • va

Filed under: mortgage

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