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Subprime Mortgage

Subprime Mortgage Definition

Subprime Mortgage is a type of loan granted to borrowers with low creditworthiness, who cannot qualify for conventional mortgages. The lender often charges interest on subprime mortgages at a higher rate, because subprime borrowers present a higher risk. Therefore, it is recommended for people who have a bad credit record to wait for a period of time and build up their scores before applying for a loan to ensure they are eligible for a conventional mortgage.

RELATED TERMS
Mortgage loan
Subprime
Subprime Rates
RELATED CATEGORIES
Real Estate







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