Subprime mortgage - Daily Economy

A mortgage loan product from the US that lends money to low-income people with low credit ratings. In Korean, it is called a 'loan for a small amount of home mortgage'. Higher interest rates are applied than preferential rates because of the low creditworthiness. The US mortgage market is largely divided into three types of loans


depending on the credit rating of individuals who want to buy a house. Credit rating is high, Prime ( Prime ), is lower subprime ( Subprime ), the middle is this alt ( Alt : -A the Alternative is -A) mortgage. The higher the credit rating, the higher the preferential interest rate. Mortgage credit ratings are based on the five categories of credit evaluation firm Fair Issac and Company ( FICO ), including past loan performance, loan


balance, transaction period, credit performance and credit hits, Score. The longer the transaction period, the lower the credit score, the lower the credit score, the lower the number of credit views, the higher the credit score without delinquency and maintaining the appropriate level of lending. Scores range from a minimum of 300 to a maximum of 850. In general, those with a credit score of less than 620 receive subprime mortgages. The credit score is more than 620 points, but if your income is incomplete or if you are buying a second home, you will qualify for Altia mortgage.