What is all this talk about Minnesota subprime mortgage loans?
Basically, a subprime mortgage loan refers to mortgage loans given to people that don’t qualify for standard mortgage loans. Subprime mortgage loans are unlike standard mortgage loan because they generally have higher interest rates and more penalties for prepayment. There may be several factors that can determine whether or not you will get stuck in a subprime mortgage loan. Poor credit-Minnesota residents with poor credit are usually forced into subprime mortgage loans. If you have poor credit, you are considered to be a risk to any mortgage lender or bank. Since you are a risk, ultimately you’ll end up paying more than the average Minnesota resident for you mortgage loan. Self-employment-If you are living in Minnesota and are self-employed, you too may find it difficult to get standard mortgage loans so you’ll probably have to settle for a subprime mortgage loan. The reason most people who are self-employed have a harder time getting standard mortgage loans is because they are consi
