See how the mortgage market is around your area

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Lathander
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See how the mortgage market is around your area

Postby Lathander » Fri May 16, 2008 3:01 am

Corth
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Re: See how the mortgage market is around your area

Postby Corth » Fri May 16, 2008 4:52 am

Thanks, Lathander. One thing to keep in mind is that this is a map of only non-prime mortgage statistics. You can toggle between subprime and alt-a but prime mortgages are not reflected in these statistics.
Having said all that, the situation has been handled, so this thread is pretty much at an end. -Kossuth

Goddamned slippery mage.
teflor the ranger
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Re: See how the mortgage market is around your area

Postby teflor the ranger » Fri May 16, 2008 6:43 am

In general a sub-prime mortgage is lending at a higher rate than prime. Prime rate is generally meant to describe the rate at which banks will lend to their favored customers on their favored products. In the US this rate is mostly influenced by the rate at which the Federal Government will lend to banks.

Sub-prime mortgages are made to those who do not qualify for prime rate lending, or in other words, those without good credit histories, stable job, and liquid (liquifiable) assets.
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Corth
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Re: See how the mortgage market is around your area

Postby Corth » Fri May 16, 2008 9:05 am

Thats generally right Teflor. Alt-A on the other hand, which is not considered prime, can be made to people with very good credit scores. Even better than some prime borrowers. A lot of those alt-a loans are the no-doc 'liar loans' where the loan application was taken on its face without any documentation verifying the information provided. Also, a lot of the negative ammortization loans which were really prevalent in california are classified as alt-a.
Having said all that, the situation has been handled, so this thread is pretty much at an end. -Kossuth



Goddamned slippery mage.
teflor the ranger
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Location: Waterdeep

Re: See how the mortgage market is around your area

Postby teflor the ranger » Sat May 17, 2008 5:39 am

I've handled quite a few alt-a loans. Only one of them felt ok, the rest were soooooo shady.
Teflor does. Teflor does not.

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