DON, Will you have a prepayment penalty ??
That’s the first clue. A loan from a SP lender isn’t necessarily bad.
Loans can be exact same terms from prime or subprime lender. 2/28, 3/27 5/25, 30 YR Fixed. I/O, full am, etc There aren’t really “subprime loans” there are subprime borrowers, and subprime lenders.
Your score alone tells me nothing about what you actually qualify for. Generally, the benefits of a SP are greater at lower LTV’s.
As stated earlier, it is possible to get a better loan from a SP lender, but usually only if you don’t mind the prepay penalty.
If you pay upfront to avoid the PPP, it probably costs the difference to get back to a prime loan anyway, or higher.
If you need another quote, please let me know. I’m in north county.
