Code, for bad news
Have you ever heard a statement like this?:
- “It appears that you have ‘bruised credit’, due to a ‘non-performing loan’. Because of this, we can offer you a mortgage at a ‘non-prime’ rate.”
Here’s what it really means:
- “You’ve got a terrible credit rating, because you defaulted on a loan. We can still offer you a mortgage, but it will be expensive.”
If you hear, or read a term that you do not completely understand:
- Stop dead in your tracks, and ask your Broker.
- Get a second opinion on what’s being offered to you.
- Look it up on Google.
- Go to Investopedia.com to completely understand the definition of the term, and its implications for you.