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Generally, borrowers with credit ratings less than 600 often will be faced by Sub-prime Mortgages and the higher rates of interest that go through with those mortgages. Making bill payments late or announcing personal bankruptcy could easily land borrowers in circumstances where they can only qualify for a Sub-prime Mortgage. Sub-prime Mortgage is a type of loan, which is granted to individuals with low or poor credit histories, who, as a consequence of their faulty credit ratings, would not be able to have access to conventional mortgages. Sub-prime Mortgages outlay interest rates higher than the prime lending rates because sub-prime borrowers present a higher risk for lenders.
The most common kind of Sub-prime Mortgage Structure is Adjustable Rate Mortgage (ARM). ARM initially charges a fixed interest rate and then converts to a floating rate based on an index like LIBOR (the London Inter-bank Offered Rate). Many lenders were more free and liberal…
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