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What are sub primes? |
Sub prime can be used in two aspects
1. Sub prime customer - A customer who does not have a great credit history and does not have the income to pay the monthly mortgage payments on the loan he is asking for
2. Sub prime Loan - A loan that is granted to a sub prime customer
If you have a monthly income of $10000 and you ask for a mortgage loan with monthly payment of $4000 then you are a good customer
If you have a monthly income of $4000 and you ask for a loan with monthly payment as $10000 then you would be a sub prime customer
First answer by Anandvijayakumar. Last edit by Anandvijayakumar. Contributor trust: 254 [recommend contributor]. Question popularity: 1 [recommend question]
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