NLIC.org

Ramon Said:

What is the sup prime mortgage loan crisis?

We Answered:

...

to put it in plain terms:

sub prime mrtg loan crisis is a period (like what we are in right now) where lenders are very strict in credit requirements which makes it hard for most folks to be financed

the prime lending rate as of now is 6%

the leading sub prime lender is: Countrywide

Annie Said:

Which prime mortgage lenders also offer sub-prime loans?

We Answered:

most of them if you can show you got the means to pay, because these would be for rather large sums of cash

Jacob Said:

what is the difference between prime and non-prime mortgage lenders?

We Answered:

Prime mortgages are for those with excellent credit, good mortgage history, enough income (that you can prove) and plenty of equity. Non-prime or subprime are for people with a couple of blemishes on their credit, income they can't prove (off the books) and those maxed out on their equity. Good banks do take some sub prime business (Chase, Bank of America, Countrywide, etc.)

Alfredo Said:

how can one tell if he is qualified for a Prime Mortgage Loan.?

We Answered:

The only way to do know, is check with other lenders.
I always suggest folks get a quote from at least 1 broker and 1 direct lender/bank.
Credit unions are good too, especially if you already have a relationship with one

Tom Burris
http://www.dallasloanguy.com

Derek Said:

Who is a dependable, flexible, sub-prime mortgage lender that would be able to do a 553 mid score?

We Answered:

New Century Financial!!!!!

Joseph Said:

why do lenders do sub prime mortgages know they are risky? (what are they gambling for?)?

We Answered:

The bottom line is;

"they were trying to get something for nothing..." [meaning higher interest rates]

Now that it came back on them like "vomit in the wind".. everyone can talk about how stupid they were...

Does this help any?