I find it so sad that after reading the posts in this board,that there seem to be so many "lenders" out there in the subprime mortgage market that are preying on people's misfortunes. Are there ANY lenders in this so-called subprime market that have values or integrity??? Janet
This is the way subprime market works. The risk of default is much higher and so they charge more to make up for the number of people they expect to lose money on. I don't really care about the higher interest or bs closing costs charges, but what really irks me in the subprime mortgage market is the pre-payment penalties. They know your credit may improve and try to lock in some profit for themselves. But from personal experience, bad credit costs a lot more money than having good credit. If I would have been a little mature 10 years ago, I would never have defaulted on a few credit cards I had. I would have toughed it out for a year, but paid them back.
