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Subprime Refinance Lenders - Subprime Refinance Loan Lenders - Refinancing With Bad Credit A prime mortgage lender is a lender, who primarily caters to consumers with good credit scores of 650 or above, whether they need a home purchase loan, home equity loan or HELOC loan. Some prime lenders additionally provide subprime loan products. A subprime mortgage lender specializes in loan products for people with bad credit due to large debt loads, a history of Chapter 7 or Chapter 13 bankruptcy or poor debt management skills. A reputable subprime lender takes all things of a person's situation into consideration, at the time reviewing a loan application. They could not turn you down for a refinane loan, simply baecause of your low FICO (Fair Isaac Corporation) score. What is a FICO Score? Your FICO score ranges from 300 to 850, with 300 being the lowest credit score you might have. 1 assumption is that the more debt you have (e.g. numerous credit cards), the more likely you are to pay your bills late. Late bill payment is the number 1 reason for a majority of low credit scores. the factor accounts for 35% of your credit score. Finding a Subprime Mortgage Refinance Loan Not all subprime mortgage lenders are created equal. Some lenders provide loans at high interest rates including add additional fees, penalties, etc. The best way to find a reputable subprime lender is to do your research.
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