definition of a Subprime mortgage loan according to google
What is a subprime mortgage?
A subprime mortgage is a home loan offered to customers with poor credit history. These loans carry higher interest rates, justified by the greater risks associated with buyers that have poor credit.
Signing on for a subprime mortgage likely will mean that you are locked into an adjustable-rate mortgage rather than a fixed-rate mortgage. Unless you are certain that your income is going to increase each year, its difficult to budget for a mortgage that may rise with each adjustment.
Lending money to high-risk borrowers at a premium interest rate is nothing new. Loan sharks have been doing it since man began to borrow money. The temptation to take advantage of borrowers is especially keen during times of economic hardship.
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