Sub-prime Loans
If you are searching for home loans but may have less than favorable credit history or assets, a subprime loan may be the answer. Subprime loans are simply loans that are for those who may have a difficult time with making mortgage payments. While the interest rate may be a bit higher with these loans, they work with those who need to establish good credit.
Subprime loans are also called second chance loans or non-prime home loans. Persons who qualify for this loan to help pay for their mortgage fall under one or more of the following categories; limited debt experience, limited or no assets, excessive debt, late payments and bankruptcy.
However the interest rate will vary on each subprime loan. Lenders will look at how much is needed to loan, what is due on the mortgage and what type of payment schedule will be used. It is possible to reduce interest rates even with subprime loans.
Subprime loans are also called second chance loans or non-prime home loans. Persons who qualify for this loan to help pay for their mortgage fall under one or more of the following categories; limited debt experience, limited or no assets, excessive debt, late payments and bankruptcy.
However the interest rate will vary on each subprime loan. Lenders will look at how much is needed to loan, what is due on the mortgage and what type of payment schedule will be used. It is possible to reduce interest rates even with subprime loans.