Subprime Mortgage – What are My Options
Posted on | February 8, 2009 | 2 Comments
With the subprime mortgage crisis in full swing and likely on it’s tail end, many Americans are now considered “subprime” borrowers. Many of those who are considered subprime are not in a terrible financial situation, but the requirements for good credit have changed greatly in the past year. What was once thought to be a very strong credit score is now considered mediocre because lenders are not willing to fund mortgages as easily after seeing all their friends go bankrupt. Being a subprime borrower does not mean that you are a bad person or do not know how to handle money. A lot of this has to do with the troubled economy and the fact that many Americans lost their job or have had to take a reduction in salary. With this being said, those who are not prime borrowers will get a subprime rate.
The first step in getting a subprime mortgage is to find out your credit score. There are many sites on the internet that will give you a detailed credit score for as little as $15. I would suggest doing this at least once or twice a year even if you are not getting a mortgage. Make sure to read the fine print when using the ultra cheap services as they tend to charge you a membership fee later on. Go ahead and pay the $15 up front and don’t worry about getting a “free” credit report.
Tomorrow, we will dive into the next step after getting a verified credit report.
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February 9th, 2009 @ 4:52 pm
[...] Subprime mortgage – what are my options explained that the first step in getting a subprime mortgage is to get a credit score. After you have gotten a reputable credit score you need to decide what your options are. Individual credit scores are analyzed as follows: [...]
February 16th, 2009 @ 4:13 pm
[...] Subprime Mortgage – What are My Options [...]