SUB-PRIME LENDER
Sub-prime lenders make loans to borrowers who cannot get loans from conventional lenders because they have poor credit. Consequently, sub-prime lenders charge significantly more for their loans, since they assume a greater risk. Occasionally, a risky property rather than poor credit can force a borrower to seek a loan from a sub-prime lender. Since sub-prime lenders don't advertise themselves as such, borrowers with solid credit should compare loan providers to make sure that they're dealing with mainstream rather than sub-prime lenders.
MORTGAGE GLOSSARY
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Historical Federal Funds Rate
*National Rates
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