Are there any subprime mortgage brokers left?
Are there any subprime mortgage brokers left?
Yeah. Deadbeats still want loans, so there are still subprime lenders.
Demand always drives supply
Are there any subprime mortgage brokers left?
Yeah. Deadbeats still want loans, so there are still subprime lenders.
Demand always drives supply
Yeah. Deadbeats still want loans, so there are still subprime lenders.
Demand always drives supply
References :
It’s not a sub-prime broker you are looking for, it is a sub-prime lender. The problem you run into is that the housing market is terrible and banks have tightened up lending qualifications making it almost impossible to get a sub-prime loan with one exception – a relatively large deposit. If you are looking for a sub-prime loan, you are also looking at 20% or more down and a higher than market interest rate (think 6.5 to 7%) The larger deposit provides an equity cushion due to the risk and the higher interest is because of the greater likelihood that people in your risk category will default.
If you decide to go ahead, call around to all the brokers in your area and discuss your needs. The brokers will know which lenders are more likely to take you on.
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