What is a subprime mortgage?
Well, they are almost a thing of the past, but a subprime mortgage is one whenever someone had bad credit or did not have very good credit and they would not qualify for your regular, conventional mortgages. Therefore, they would end up paying a much higher interest rate or a higher closing cost, and there was a market for that prior to the passage of Dodd-Frank and the real estate crash.
A subprime mortgage is one where your credit isn’t great and therefore the interest rate is much higher, much higher risk for the lender, and so they call them subprime since you don’t have good credit, or the borrower doesn’t have good credit.
If you need to see about getting a loan and you don’t have good credit, well, give me a call at 727-847-2288 and I will see about heading you in the right direction.