what is sublime mortgages?

Answer 1

I think you mean subPrime mortgage. :0p

Stay away from them. Sub means below so you are paying less than you should be. This is putting a lot of people out of their houses now.
Your rates will go up. Just get a normal mortgage from one of the big companies. If you can not afford it now. Keep saving.

Best of luck :0)

Answer 2

Sub prime mortgages are for people with bad credit. We refer to mortgages for people with good credit as "A Paper", then mortgages for people with not so good credit, but not really lousy as Alt A, and loans for people with bad credit as sub prime.

The lender I work for (very big bank) doesn't do sub prime, and therefore we're not having all the problems that some of the mortgage companies are having.

If you have a sub prime mortgage, you've got a high rate. Rather than get one of those, concentrate on credit repair (especially paying ON TIME) and in a year or so get a regular mortgage.

Answer 3

A sub prime mortgage is for people with blemished credit. I disagree with the comments that all sub prime loans are bad. They are perfectly fine if you can afford to repay the debt. Sub prime loans are available in fixed rates as well. They enable a borrower to obtain financing that isn't offered by the "big banks." Sub prime loans are definitely risky loans, which is why they carry a significantly higher interest rate. The reason there is a "sub prime crisis" going on is because of lax lending guidelines that allowed people to get loans that they couldn't reasonably repay, hence the foreclosures and property value decline. Obviously you want to get a "A paper" loan, but if you can't there is nothing wrong with a sub prime loan. Just make sure you can afford the payments and get a fixed rate.

Answer 4

It's a mortgage that ROCKS!! =)