Internet Banking Facts
 
 

The pitfalls of a sub prime mortgage loan

There are pitfalls to getting a sub prime loan and you should be aware of them at all times. Here are a few pitfalls to sub prime mortgage loans:

  • Sub Prime Mortgage loans come at higher interest rates.
  • You might be approved for loans that the lender knows you will not be able to pay back which will put you in debt.
  • You might be charged higher on loan fees than normal loans.

Sub Prime loans are looked down upon, because of the fact that they tend to put people more in debt than helping people get out of debt.