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"A Paper" Mortgage
Thursday, May 17, 2007
Question: 1) What is vintage basis?
2) What is the difference between subprime vs non-traditional mortgage?
3)"A paper" vs subprime?
4)Retail vs wholesale mortgage?
1. Vintage basis typically refers to the year in which a mortgage loan was originated.
2. Subprime (also known as "non-prime" or "BandC") refers to loans for borrowers who have had blemishes on their credit in the past. "A paper" is another name for a prime loan, and very broadyly refers to borrowers with higher FICO scores. Subprime loans will carry a higher interest rate than a prime loan. The best thing to do is to apply with several lenders and see what rate you are quoted for each product. Be sure to compare
"apples-to-apples" as there are many different types and options when it comes to home loans.
3. Think of retail as the point of sale, and wholesale as the middleman. Retail actually refers to the broker (or the person who originates your loan) and Wholesale is the lender who actually funds your loan.
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3. Think of retail as the point of sale, and wholesale as the middleman. Retail actually refers to the broker (or the person who originates your loan) and Wholesale is the lender who actually funds your loan.
Bills.com
makes it easy to compare options , but be sure to only select a loan that meets your needs.
If you would like more information, please visit our mortgage resource page .
I hope the information provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
If you would like more information, please visit our mortgage resource page .
I hope the information provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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