Mortgages-Before You Apply, Check Yourself Out
You might have heard about the term "subprime mortgage." It's a
term that people throw around to describe lenders who approve
those with poor credit. Many people whose credit is less than
perfect automatically resign themselves to applying with these
subprime mortgage companies. They think it's the only way to be
able to get a mortgage approval. Before doing so, however, you
might want to think twice.
It's true that subprime borrowers typically are people with
challenged credit. However, credit is not the only criterion to
be classified as subprime. Although guidelines will vary by
lender, you might be a subprime borrower if: