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Study on Minority Lending Reveals Higher Rates for Some
A survey of metro areas focused on where residents face the greatest risk of "rate shock."
ACORN, a nationwide community activist organization looked at 130 metro areas, focusing on loans in the subprime market, including adjustable-rate mortgages.
ARMs are known for producing "rate shock" as interest rates increase. Most ARMs begin with low payments that increase significantly after the first year or two. Subprime loans are offered to borrowers who have less than perfect credit and do not qualify for low interest rates.
The ACORN study found that, in general, minority borr
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Are Non Conforming Mortgage Loans Prime or Subprime Home Financing?
In today's credit driven society, the dream of homeownership has become a reality for many consumers throughout the 50 states. For the most part, homeownership has been positive for individuals and families experiencing the sense of pride from owning a home and making a mortgage payment monthly.
However, for some applicants becoming a homeowner has only been made possible by obtaining financing using an alternative form of financing otherwise known as subprime loans. An non-conforming loan program is definitely a good choice for some homeowners and can be wrong for others. Negative Amortization loans, jumbo
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Tags: subprime loans
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