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If Mortgage Rates Can Fall Through the “floor” of the Prime Rate…what Else is Under the Floor?

If Mortgage Rates Can Fall Through the “floor” of the Prime Rate…what Else is Under the Floor? “Lower than prime,” you heard someone say. Like most Canadians, you were probably first skeptical and then confused. We tend to think of the prime lending rate as the invisible “floor” of lending rates. The very best customers can get very close to that floor. It is...

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Sub Prime Loan Modification

Sub Prime Loan Modification Sub-prime lending is a type of credit given to homeowners who do not meet the criteria for regular (“prime”) loans. A typical sub-prime borrower has a poor or limited credit history and a FICO score of less than 620. These factors make them a risky investment for regular lenders, which keeps them from taking out loans. To compensate for the risk, sub-prime lenders impose...