Subprime Mortgages – Information
Subprime Mortgages – Information Undoubtedly, you’ve heard the radio commercial claiming you can get a NorthPoint Mortgage despite having bad credit. Bad credit mortgages are better known as subprime mortgages. Subprime “Subprime” is a euphemism for a borrower who simply doesn’t qualify for a traditional home mortgage. Subprime loans used to be very difficult to get, but things changed in the 1990’s. Banks began to realize there were a lot of borrowers with less than stellar credit or other problems. More borrowers meant more revenues, so banks started creating subprime mortgages and the game was on. As a result of...