Subprime Loans

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Subprime Loans

A subprime loan is a loan intended for borrowers who are not considered to be in the prime category. A borrower who is considered prime will have a high credit score and an income that reflects an ability to pay the loan, whereas a subprime borrower has low-credit scores or credit that is not well-established yet, and an income that is less than the desired amount to support a monthly mortgage payment. A subprime loan comes with a much higher risk to the lender, and to offset that risk, subprime mortgages often come with an adjustable rate.

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