Subprime Second Mortgage - Who Needs One

Aarp - Subprime Second Mortgage - Who Needs One

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Subprime lenders are providing first mortgages, second mortgages and home equity loans to those who don't qualify for conventional financing. Many of the more than 19,000 mortgage lenders in the U.S. Offer some form of subprime mortgages.

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Aarp

Subprime borrowers are population with a Fico score of 620 or lower. In fact, the “sweet spot” for the subprime commerce consists of borrowers with prestige scores in the middle of 620 and 640. Bad prestige means you will pay more when you borrow money. However, a subprime second mortgage could still save you thousands of dollars over other forms of borrowing.

Prior to the uncut availability of subprime loans, many deserving population with poor or insufficient prestige histories could not get a mortgage. Now these folks are able to come to be proud homeowners as part of the American Dream.

A subprime second mortgage makes sense when you don’t want to refinance your first mortgage but want to entrance your home equity for legitimate reasons such as home improvements, debt consolidation, medical bills or college tuition. As an added bonus, the interest paid on a second mortgage is commonly tax deductible.

Borrower Beware

Recent research reveals that subprime mortgages are three times more likely to happen in minority neighborhoods. Even affluent minorities are more likely than whites to take out subprime mortgages. The Aarp notes that older female borrowers held 45% of subprime mortgages and only 28% of prime mortgages.

Some dishonest lenders will try and exploit the financial troubles of borrowers by contribution easy-but-expensive prestige that could lead to them ultimately losing their homes. Or, these disreputable population resort to exorbitant fees, prepayment penalties or balloon payments to snare the unwary.

Learn more about how to avoid Subprime Second Mortgage [http://www.easysecondmortgages.com/articles/Ym70F/subprime-second-mortgage.html] fraud, and get a free loan quote at Easy Second Mortgages [http://www.easysecondmortgages.com]. Even if you have bad credit, you may still qualify for a good second mortgage.

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