2007-10-03 09:13:10 · 4 answers · asked by cdf0 1 in Business & Finance ➔ Renting & Real Estate
It means that your credit score is too low or your DTI is too high for a prime rate loan. You'll pay a premium rate on the 2nd home.
2007-10-03 09:18:26 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
A subprime lender is a lender that specializes in loans to people with a low credit score, or who have a high amount of debt when compared to income (also known as DTI or a debt to income ratio).
What it means is that you will be paying a very high rate on your loan if approved, either as a percentage rate, in fees, or some combination of both.
2007-10-03 16:37:18 · answer #2 · answered by Michael W 3 · 0⤊ 0⤋
subprime lender means that your credit score is below 620.
generally the rates are super high!
2007-10-03 16:16:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
It's bad news, stay away if you can. All the problems in the mortgage world are from sub-prime lenders.
2007-10-03 16:24:56 · answer #4 · answered by Mandy P 2 · 0⤊ 0⤋