Code, for bad news

Have you ever heard a statement like this?:bad credit mortgages

  • “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:

  1. Stop dead in your tracks, and ask your Broker.
  2. Get a second opinion on what’s being offered to you.
  3. Look it up on Google.
  4. Go to Investopedia.com to completely understand the definition of the term, and its implications for you.