Subprime lenders offer financing for people with low credit scores who dont qualify for a conventional loan. Subprime financing can be offered through traditional mortgage lenders like banks, credit unions, or mortgage lenders. There are also specialized lenders who only deal with subprime mortgages.
Predatory lenders charge high fees, write loans in vague terms, and structure payments so they can foreclose on property. Predatory lenders take advantage of people who do not know their rights in the lending process.
Signs Of A Good Subprime Lender
Good subprime lenders only charge slightly higher rates than conventional lenders. They will also fully disclose their rates and terms so you can make an informed choice. Good lenders follow all the same practices as a conventional lender charging reasonable fees, answering all your questions, and making reasonable terms on prepayment.
Signs Of A Predatory Lender
Avoid lenders who charge high closing costs, excessive late fees, or large prepayment penalties. Such lenders are more interested in making large amounts of money than offering a service. Also watch out for lenders who try to lend more than...
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