• Home
  • Rates
  • Lenders
  • Guidelines
  • Blog

Subprime.biz

The Great Subprime Quiz

March 16, 2017 By CHamler

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 a loan is not an easy feat.

And while you think it is the end of your loan journey, there’s still a way. Subprime loans are meant for individuals who couldn’t qualify for a conventional primarily because of their poor credit history.

These loan offers are usually associated with high-interest rate which is why it’s not for everyone. Taking this short quiz and answering the following questions will help tell whether you are destined to be a subprime borrower.

  1. Do you have a score lower than 600?

If you answered yes, then you must have gone through dozens and dozens of lenders and still got denied of a loan.  This means you are a good candidate for a subprime loan. It comes with a high-interest rate, though. You may want to consider waiting much longer and try fixing your credit history. But if you got no time for that and paying for the rate would work better for you, then you must be a subprime borrower.

  1.  Can’t you provide documented proof of income?

Income verification is an essential process to all conventional loans. You need to provide all the documents to support your income. This will tell lenders if your income source can sustain your monthly payments. But how about those who do not have these documents?

Individuals who are self-employed face this big challenge. It is difficult, if not impossible, for them to provide financial basis on  paper. But this doesn’t mean that they cannot afford a loan. Their inability to provide proof of a stable and consistent income just makes it harder for them to qualify for a conventional loan.

If you cannot provide the necessary documents for income verification, you could be a subprime borrower.

Click here to get matched with a lender»

  1.  Have you filed for bankruptcy?

Just like poor credit, bankruptcies, loan defaults or missed mortgage payments in the last  12 months can mean “no conventional loan”. Even if your credit has been fixed recently or it has not gone below 680, once these events show up on your credit report within the given time frame chances are you still would not be eligible for a conventional loan.

Individuals facing bankruptcy have very limited access to funding. A subprime loan is one of the very few ways they can get the money necessary to give the situation the needed 180-degree turn. If you’re having a hard time looking for funds, you should consider being a subprime borrower.

  1. Do you need short-term financing?

Although not the only means, subprime loan can be a means to finance short-term projects that need substantial money. It can be used as personal loans, auto loans, boat loans, what have you. It can be for varied uses, and it is easy to apply for. So long as you shell out a large down payment, you are good to go. If short-term loans are what you’re looking for, how about becoming a subprime lender?

Thank you for taking this quick and easy test! If you’ve answered YES to two out of the four questions, chances are a subprime loan is perfect for you.

Although subprime has a market of its own, its strength is still highly dependent on the overall economy. Shop for different loans and lenders. Subprime loans are a good way to start your search. Learn more about this type of loan by clicking here. If you would wish to speak to a lender to get firsthand information, click the link below.

Click here to start shopping for loans, absolutely free»

Filed Under: sub-prime mortgages, Subprime Lenders, Subprime Lending Tagged With: 600 credit score, Bankruptcy, no Income verification, Subprime Quiz

OUR EXPERTS SEEN ON

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us