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Sub Prime Mortgage meltdown means lower rates for borrowers with good credit?

Sat Apr 21, 2007 05:04PM | By Tony

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As the the foreclosures hit even luxury segment, the sub prime mortgage is basically thing of the past. Those lenders like Countrywide, HSBC and Wells Fargo, that have had a very large sub prime presence, are fighting among themselves for the good loans. Called 'A' paper, these are mortgages for the borrowers with the credit score of at least 680. On the top of it, a borrower must show assets, like checking, saving accounts or IRA, 401(k). To lure potential customers, the lenders are coming with few incentives, like lower interest rates and waving certain fees. So next time when looking for a mortgage, don't shy away from asking a lower rate than quoted by a loan officer. Be reasonable of course, but requesting with .5% lower that offered is just fine. Shop around, and don't be afraid to start a betting war among few potential lenders. Remember, the banks will always make money on you and me, and the rest of us. The question is how much, and it is time for them to be very reasonable. With the sub prime meltdown, and the overall real estate slowdown, you, the borrower are in the driving seat.

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