May 30, 2007
Wow, I could’ve had a prime mortgage
Posted by Tom Davie
Why many borrowers who qualified for prime-rate loans wound up with subprimes instead.
Les Christie, CNNMoney.com staff writer
May 30 2007
NEW YORK (CNNMoney.com) — Imagine you’re a homeowner, and you discover that instead of the expensive subprime mortgage loan you signed on for, you actually qualified for a prime mortgage with much lower interest rates.
Subprime loans are usually designed for borrowers with damaged or sketchy credit histories. Lenders charge higher rates to these customers to offset the extra risks they take on. Prime loans are usually granted to borrowers with credit scores of 650 or higher.
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