Glossary

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S

 

Smart Refinancing
Refinancing at the right time when interest rates are down.

 

Sub  Prime (sub prime rate(s))
A sub-prime loan is a loan offered to people with bad credit at an interest rate that is above the "prime" interest rate. Sub prime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate.

 

Sub Prime Mortgage
Describes loans to customers having a credit score below 620.[1] Typically, subprime customers are those who do not qualify for prime market rates because of a blemished or limited credit history. Subprime customers are therefore charged a higher interest rate, to compensate for the increased probability of future default.