American lenders believe in second chances, reports Equifax Chief Economist Amy Crews Cutts, who notes that the rising number of subprime loans being issued are a reflection of this philosophy.
Equifax recently released its National Consumer Credit Trends Report that indicates loans being approved for consumers with a credit score below 620 are up from one year ago.
In the first 5 months subprime mortgages increased 30.5 percent for first mortgages. This just means some lenders will work with a low score borrower. Even though the number of subprime loans jumped by about one-third, they represent just a tiny slice of the mortgage market.
What does this mean for Weston luxury homes, Cape Coral luxury homes, and other similar markets? Find out more.
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