Subprime is back! Well actually, it never really disappeared from the market. Instead, many subprime lenders also exercised more caution in approving this loans to borrowers. Subprime loans are still available to this day. Better days have come since the subprime housing crisis, But have we learned from our mistakes in the past? What Pulled […]
How Far Back do Mortgage Lenders Look at Credit History?
A bad credit history could mean no mortgage. But just how far back do lenders look? Does one mistake scar you for the rest of your life? Luckily, it probably doesn’t. Unless of course, you don’t pick up the pieces and improve your credit moving forward. Here we will discuss how a bad history can […]
The Differences Between Prime and Subprime Mortgages
Two of the most common terms you will hear in the mortgage industry is prime and subprime. The two terms both refer to types of mortgages. However, they mean very different things. You either fall into one category or the other, rarely do people fall into both categories. There is not one category of loans […]
Most Common Misconceptions About Bad Credit and Personal Loans
While a bad credit can limit your access to financing, that does not mean that it is impossible to obtain one. Though limited, there are still personal loan programs with qualifications that allow borrowers with not-so-stellar credit to get the money they need. However, many misconceptions about bad credit and personal loans prevent potentially eligible […]
What Are the Pros and Cons of Subprime Mortgages?
Many lenders shy away from the idea of subprime loans. And they have a reason to. Subprime mortgages are the root of the 2008 financial crisis that many people today are still recovering from. But are subprime loans really all evil? Subprime Basics In a nutshell, subprime loans are loans granted to borrowers with credit […]
Stay Safe When Taking a Hard Money Loan
A hard money loan is a loan taken with the property value as a collateral. Creditworthiness is a requisite. Most loans of this kind are short-term and offered by private investors. Although they are closely similar to subprime loans, these loans’ LTV ratio is rather lower. Interest rates are also much higher compared to the […]
The Great Subprime Quiz
~ Take this quiz and find out if subprime is the perfect loan for you! Conventional loans are the shiny trophies you get when you maintain a stellar credit record. That is in the perfect world, but not everyone has a score of 680 or higher. And for those who fall below that mark, getting […]
Make Qualifying for Subprimes Easier
Just recently, the subprime market took the heat when forecasts came out that the subprime auto lending industry would drive us into the next global financial crash. Equifax extinguished the fire after with their research showing that this market has remained very stable. While the ghosts of the last decade’s subprime crisis aren’t gone completely, […]
Will there be a Global Financial Crisis in 2017?
If you hadn’t realized, 2017 ends with a 7. And whether you believe in superstitions or it’s just plain coincidence, most crises in the past began in years ending with the number 7. Some of the biggest financial crises our country and the whole world has faced happened in 1987, 1997 and 2007. If that […]
Subprime Car Loans Lead to the Next Financial Crash — Equifax Says, “NO”
Are we driving toward another global financial crash? The Federal Reserve Bank of New York said that is a “significant concern”, looking at the subprime auto loan delinquencies. In the United States, more “already-indebted” borrowers are exploiting this type of car loan. Interest rates for such loans have been at historic lows, making it a […]
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