Myth:
Borrowers who qualify for prime loans only end up with subprime loans if lenders deceptively steer them into such loans.
Reality:
Many borrowers who might qualify for prime loans knowingly select subprime loans for reasons that include:
- A desire to put little or no money down.
- A desire to not have to document income, either to speed up the deal or to defraud the lender.
- A desire to take out a larger loan than the borrower could qualify for under prime terms.
No comments:
Post a Comment