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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