What Is the Definition of a Subprime Mortgage?

Answer

There are various types of mortgages. A subprime is that that is normally made out to borrowers with lower credit ratings. Banks often charge higher rates of interest on subprime mortgages in order to compensate themselves for carrying more risk.
1 Additional Answer
A subprime mortgage is a type of mortgage which is granted to borrowers who do not have a good credit history to get a conventional mortgage. Subprime mortgage are normally offered as interest only loans.
Q&A Related to "What Is the Definition of a Subprime Mortgage"
Subprime mortgages are basically loans that will cover those with who have a lower score than meets standard requirements or have difficulty obtaining standard credit. However, there
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A subprime mortgage is for customers who have credit scores of 600 or less. Most likely, they have made late payments to their creditors, which has lowered their score. If you receive
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= A subprime mortgage is for consumers who do not qualify for a conventional mortgage loan. Lenders consider these applicants as a higher risk. http://www.fixed-mortgagerate.com =
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A type of mortgage that is normally made out to borrowers with lower credit ratings. As a result of the borrower's lowered credit rating, a conventional mortgage is not offered because
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Subprime mortgages are basically loans that will cover those with who have a lower score than meets standard requirements or have difficulty obtaining standard ...
Subprime mortgages are basically loans that will cover those with who have a lower score than meets standard requirements or have difficulty obtaining standard ...
Subprime mortgages are basically loans that will cover those with who have a lower score than meets standard requirements or have difficulty obtaining standard ...
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