CNN's "Wow, I could've had a prime mortgage" looks at why many borrowers who qualified for prime-rate loans wound up with subprimes instead.
The news source reveals that a regional director of one company reviewed several hundred [subprime] loans recently for its wholesale division and found that ***all of them***, with one exception, qualified for a prime-rate loan.
What's one way to make sure you're getting the best possible program for which you qualify? Know your credit score. (Prime loans are usually granted to borrowers with credit scores of 650 or higher.) And since other factors also influence which package you're ultimately offered, talk with your mortgage professional and don't be afraid to get a second opinion.
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