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: