What Is a Subprime Mortgage?

<!DOCTYPE html> <html lang="en-US"> <head> <title>What Is a Subprime Mortgage?</title> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1" > <meta name="title" content="Understanding Subprime Mortgages: Risks and Opportunities" > <meta name="datePublished" content="2024-07-22T21:28:42Z" > <meta name="dateModified" content="2024-07-22T21:28:42Z" > <meta name="news_keywords" content="Personal Finance, Loans, Mortgages" > <meta name="description" content="Learn what a subprime mortgage is, its significance, eligibility criteria, risks, and potential benefits for borrowers with less-than-perfect credit histories." > <meta property="author" content="Jim Probasco, Molly Grace" > <meta property="article:publisher" content="businessinsider" > <meta name="tbi-vertical" content="Personal Finance" > <meta property="og:title" content="Understanding Subprime Mortgages: Risks and Opportunities" > <meta property="og:description" content="Learn what a subprime 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You can do this by making on-time debt payments and keeping your credit utilization low.</p>"},{"question":"What are the typical interest rates for subprime mortgages?","answer":"<p class=\"faq-answer\">Subprime mortgages have higher interest rates compared to prime mortgages, since they're riskier for the lender.</p>"},{"question":"Can a subprime mortgage help me build my credit?","answer":"<p class=\"faq-answer\">As long as you stay on top of your payments, a subprime mortgage should help you rebuild your credit over time. </p>"},{"question":"What is an example of a subprime mortgage?","answer":"<p class=\"faq-answer\">The exact definition of what type of credit is considered subprime varies from lender to lender. For example, if a lender typically won't lend to borrowers with scores below 660 but it has a loan product with higher interest rates for borrowers with scores down to 580, that would be considered a subprime mortgage.</p>"},{"question":"What are subprime mortgages called now?","answer":"<p class=\"faq-answer\">You may sometimes see subprime mortgages referred to as non-prime. 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Probasco","sameAs":"https://www.businessinsider.com/author/jim-probasco"},{"@type":"Person","name":"Molly Grace","sameAs":"https://www.businessinsider.com/author/molly-grace"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"What Is a Subprime Mortgage?","alternativeHeadline":"Understanding Subprime Mortgages: Risks and Opportunities","image":{"@type":"ImageObject","url":"https://i.insider.com/63062f5cc9a2da0018095e15?width=800&format=jpeg","width":800,"height":600,"caption":"If you're not in a rush for housing, it’s probably better to improve your credit instead of getting a subprime loan."},"name":"Understanding Subprime Mortgages: Risks and Opportunities","datePublished":"2024-07-22T21:28:42Z","dateModified":"2024-07-22T21:28:42Z","description":"Learn what a subprime mortgage is, its significance, eligibility criteria, risks, and potential benefits for borrowers with less-than-perfect credit histories.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.Not all borrowers qualify for a regular or \"prime\" mortgage loan, often due to having poor credit. If a lender considers you to have a greater risk of default than other borrowers, you might only qualify for what is known as a subprime mortgage.Because of their role in the 2008-2009 financial crisis, subprime mortgages have a bad reputation. If you're thinking about getting one, it's important to understand the risks. A subprime mortgage is a type of mortgage offered to borrowers with low credit scores or other credit issues. Because a subprime borrower is seen as a greater risk of not paying off their loan, they are required to pay a higher interest rate.Because of this, these mortgages can be significantly more expensive than traditional conventional mortgages.Note: Each lender determines their own definition of subprime status. Additionally, some may use different or more finely-tuned terms such as non-prime, near prime, or deep subprime.Subprime mortgages are perhaps best known for their role in helping to create the housing bubble that led to the financial crisis of 2008-2009 and the Great Recession of 2007-2009. When the bubble burst many homeowners found themselves \"underwater\" with mortgage balances greater than the value of their homes.Because of their role in the financial crisis, subprime mortgages have a negative connotation. Lenders have begun using the term \"non-prime mortgage.\" The main difference between the two is that non-prime mortgages are subject to tougher, more responsible underwriting. This allows people who can demonstrate their ability to keep up with house payments, but who have suffered a recent financial loss or tragedy, the opportunity to own their own home.See Insider's picks for the top low credit score mortgage lenders>>Although there is no one-size-fits-all number, generally speaking, borrowers with FICO credit scores in the low 600s and below are considered subprime. The Consumer Financial Protection Bureau considers scores below 620 to be subprime, while the credit reporting agency Experian says that scores below 670 could fit into this category by some lenders' definitions.Because they don't conform to typical mortgage standards, subprime or non-prime mortgages can come with a variety of different terms, rate structures, and requirements.Although you will pay a higher interest rate with a subprime loan, the sky is not the limit. The government caps interest rates on subprime mortgage loans and lenders have to honor those caps.Quick tip: You can use Personal Finance Insider's mortgage calculator to see how different interest rates would affect your monthly payment.Often, subprime mortgages are adjustable-rate mortgages, meaning you'll start with a rate that stays the same for a set amount of time then adjusts periodically depending on current market rates. But you can also find subprime mortgages that come with fixed rates, where your rate stays the same for the entire term.You may be able to find subprime mortgages that spread out your payments over an even longer term than the typical 30 years, like a 40-year mortgage. Or the loan might be set up as an interest-only mortgage, where you only pay the interest each month for a set period of time. This type of setup can be risky and expensive.Just because you can get a subprime loan doesn't mean you should. If you don't qualify for a prime mortgage now, the best thing to do is work on rebuilding your credit, paying off debt, and saving for a higher down payment. If your situation has improved and you're financially stable enough to handle a mortgage payment but can't yet qualify for a prime loan, you might decide that getting one of these mortgages makes sense for you. Some of the factors that have a negative impact on a borrower's FICO credit score leading to subprime status are:\"Often, consumers don't comprehend the risks of the financial products they're signing themselves up for,\" says Jeffrey Zhou, CEO of Fig Loans.Subprime mortgages may not come with the same affordable features that you'll find with prime mortgages.The mortgage rate you'll get with a subprime loan is dependent on four factors: credit score, the size of your down payment, the number of late payment delinquencies on your credit report, and the types of delinquencies found on the report. These rates are often significantly higher than prime mortgage rates.If you're still experiencing the hardship that caused your credit score to fall, or if you haven't addressed underlying money management issues, getting a mortgage may only make your situation worse. Ultimately, a subprime or non-prime mortgage loan costs more, both in the short-term and in the long-term. This can increase your risk of defaulting on the loan and losing your home to foreclosure. If the issues that led to your poor credit are now resolved and you're confident you can keep up with your monthly payments, there can be benefits to becoming a homeowner now versus waiting until your credit has recovered.Once you buy a home, you start building equity. Home values tend to increase over time, so the sooner you get into a home, the more time you'll have to benefit from that.A monthly mortgage payment gives you the opportunity to build back your credit. Over time, your credit score should improve as you build a history of on-time payments. However, if you end up unable to make your payments, your credit will become even more damaged. Before you get into a subprime loan, consider the alternatives.\"Don't think that you're choiceless,\" says Zhou. \"There are other and even better options than settling for a subprime mortgage. You can qualify for a homeownership assistance program if you don't meet the credit requirement. So don't lose your hope of owning a home.\" Subprime mortgages aren't for everyone. If you're not in a rush for housing, it's probably better to improve your credit and qualify with a mortgage lender that offers prime loans. If you don't have time to wait, look into one of the alternatives listed above. Check with trusted local banks and mortgage lenders who offer prime rate mortgage loans. Many traditional lenders also offer subprime (non-prime, if you prefer) mortgage loans. Read customer reviews and look at the lender's rating from the Better Business Bureau to gauge how reputable the company is. Consider lenders that offer non-QM mortgage loans, such as Angel Oak or Carrington. A quick online search using terms such as \"subprime, non-prime,\" or \"non-QM\" mortgage loans should yield results.You might find it helpful to talk to a Department of Housing and Urban Development-sponsored housing counseling agency. You can search on HUD's website for an agency in your area. They can help you understand what mortgage options might be available to you, and what you can do to improve your credit for homeownership. If you get a subprime mortgage, your goal should ultimately be to transition from a subprime mortgage to a prime mortgage. This means improving your creditworthiness and then refinancing into a prime mortgage. Subprime mortgages are available to borrowers with lower credit scores, such as those in the low 600s or below. Yes, you can still get a subprime mortgage today, but they typically require stricter underwriting to ensure that the borrower can afford to repay the loan based on their finances. The best way to improve your chances of qualifying for a prime mortgage is to increase your credit score. You can do this by making on-time debt payments and keeping your credit utilization low.Subprime mortgages have higher interest rates compared to prime mortgages, since they're riskier for the lender.As long as you stay on top of your payments, a subprime mortgage should help you rebuild your credit over time. The exact definition of what type of credit is considered subprime varies from lender to lender. For example, if a lender typically won't lend to borrowers with scores below 660 but it has a loan product with higher interest rates for borrowers with scores down to 580, that would be considered a subprime mortgage.You may sometimes see subprime mortgages referred to as non-prime. They may also fall under the umbrella of non-QM loans, which are those that don't meet qualified mortgage standards set by Consumer Financial Protection Bureau.","articleSection":"Personal Finance, Loans, Mortgages","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What qualifies you for a subprime mortgage?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Subprime mortgages are available to borrowers with lower credit scores, such as those in the low 600s or below. </p>"}},{"@type":"Question","name":"Are subprime mortgages still available after the financial crisis?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Yes, you can still get a subprime mortgage today, but they typically require stricter underwriting to ensure that the borrower can afford to repay the loan based on their finances. </p>"}},{"@type":"Question","name":"How can I improve my chances of moving from a subprime to a prime mortgage?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">The best way to improve your chances of qualifying for a prime mortgage is to increase your credit score. You can do this by making on-time debt payments and keeping your credit utilization low.</p>"}},{"@type":"Question","name":"What are the typical interest rates for subprime mortgages?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Subprime mortgages have higher interest rates compared to prime mortgages, since they're riskier for the lender.</p>"}},{"@type":"Question","name":"Can a subprime mortgage help me build my credit?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">As long as you stay on top of your payments, a subprime mortgage should help you rebuild your credit over time. </p>"}},{"@type":"Question","name":"What is an example of a subprime mortgage?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">The exact definition of what type of credit is considered subprime varies from lender to lender. 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They may also fall under the umbrella of non-QM loans, which are those that don't meet qualified mortgage standards set by Consumer Financial Protection Bureau.</p>"}}]} </script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.businessinsider.com/personal-finance","name":"Personal Finance"}},{"@type":"ListItem","position":2,"item":{"@id":"https://www.businessinsider.com/personal-finance/mortgages","name":"Mortgages"}},{"@type":"ListItem","position":3,"item":{"@id":"https://www.businessinsider.com/personal-finance/mortgages/subprime-mortgage","name":"Understanding Subprime Mortgages: Risks and Opportunities"}}]} </script> <script>window.allScripts = window.allScripts || []; window.allScripts.push({ type: "load", script: 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role="main" > <section id="l-content" class="is-right-rail content-with-sticky-toc" data-track-page-area="Post" data-post-content > <section class="row"> <div class="col-12"> <article class=""> <section class="post-headline-wrapper " id="post-headline" > <div class="post-meta"> <span class="post-breadcrumbs headline-regular "> <a href="/personal-finance" class="" data-track-click="{"product_field":"Personal Finance","element_name":"breadcrumbs","event":"navigation"}" > Personal Finance </a> <svg class="svg-icon chevron-icon post-breadcrumbs-chevron rotate270" data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon" > <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#0a0a0a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"/> </svg> <a href="/personal-finance/mortgages" class="" data-track-click="{"product_field":"Mortgages","element_name":"breadcrumbs","event":"navigation"}" > Mortgages </a> </span> </div> <h1 class="post-headline ">Understanding Subprime Mortgages: Risks and Opportunities</h1> </section> <section class="byline-wrapper byline-wrapper-helpfulness "> <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="headline-regular">Written by</span> <span class="" data-e2e-name="Jim Probasco" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/jim-probasco" >Jim Probasco</a></span> and <span class="" data-e2e-name="Molly Grace" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/molly-grace" >Molly Grace</a><span class="headline-regular">;</span></span> <span class="headline-regular">edited by</span> <a class="byline-link byline-author-name" href="https://www.businessinsider.com/author/richard-richtmyer" >Richard Richtmyer</a> </div> <time class="byline-timestamp headline-regular js-date-format" data-timestamp="2024-07-22T21:28:42Z" data-e2e-name="byline-timestamp" data-disable-relative-formatting > 2024-07-22T21:28:42Z </time> </div> </div> </div> </div> <section class="sharebar " data-component-type="share" data-location=""> <div class="share-button-dropdown-wrapper"> <button class="share-button sharebar-link headline-regular"><svg class="svg-icon share-icon " role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" fill="none" viewBox="0 0 12 12"> <defs/> <title>Share icon</title> <desc>An curved arrow pointing right.</desc> <path fill-rule="evenodd" d="M7.336 8.014l4.2-3.5-4.2-3.5v2.8h-2.54c-1.948 0-3.526 1.567-3.526 3.5v3.16h1.469v-3.16a2.05 2.05 0 012.056-2.042h2.54v2.742z" 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class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > kali9/Getty </span> </span> </figcaption> </span> </figure> <div class="typography sticky-toc-post-wrapper"> <nav class="sticky-toc js-sticky-toc-dropdown hide-menu headline-semibold helpfulness-mobile-toc" data-component-type="sticky-toc" > <div class="sticky-toc-title-wrapper helpfulness-mobile-toc" > <div class="helpfulness-mobile-toc-title"> <span class="helpfulness-mobile-toc-jump-to">JUMP TO</span> <span class="headline-regular helpfulness-mobile-toc-section">Section</span> </div> <div class="sticky-toc-dropdown-button js-sticky-toc-dropdown-button"> <span class="sticky-toc-arrow"><svg class="svg-icon chevron-icon " data-chevron-icon role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon" > <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path 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data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Risks </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#benefits" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Benefits </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#alternatives" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Alternatives </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#navigating-subprime-mortgages" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Navigating subprime mortgages </a> </li> <li> <a class="sticky-toc-link helpfulness-mobile-toc" href="#faqs" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </menu> </div> </nav> <div class="sticky-toc-aside-wrapper"> <ul class="sticky-toc-aside js-sticky-toc-aside" data-component-type="sticky-toc"> <li> <a href="#introduction" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Introduction </a> </li> <li> <a href="#characteristics" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Characteristics </a> </li> <li> <a href="#who-needs-a-subprime-mortgage?" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Who needs a subprime mortgage? </a> </li> <li> <a href="#risks" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Risks </a> </li> <li> <a href="#benefits" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Benefits </a> </li> <li> <a href="#alternatives" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Alternatives </a> </li> <li> <a href="#navigating-subprime-mortgages" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Navigating subprime mortgages </a> </li> <li> <a href="#faqs" class="sticky-toc-link toc-aside headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </ul> </div> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <p class="headline-regular financial-disclaimer">Affiliate links for the products on this page are from partners that compensate us (see our <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">advertiser disclosure with our list of partners</a> for more details). However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/mortgages/how-we-evaluate-mortgage-lenders" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate mortgages</a> to write unbiased product reviews.</p><p></p> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><ul class="summary-list"> <li aria-level="1">Borrowers may be offered a subprime mortgage if their FICO credit score falls below 670.</li> <li aria-level="1">Subprime mortgages come with higher interest rates and fees, reflecting greater risk to lenders.</li> <li aria-level="1">Alternatives to a subprime mortgage include FHA, VA, or USDA loans if you qualify.</li> </ul><p>Not all borrowers qualify for a regular or "prime" mortgage loan, often due to having poor credit. If a lender considers you to have a greater risk of default than other borrowers, you might only qualify for what is known as a subprime mortgage.<br><br>Because of their role in the 2008-2009 financial crisis, subprime mortgages have a bad reputation. If you're thinking about getting one, it's important to understand the risks. </p><h2 data-toc-label="Introduction" id="introduction" class="toc-anchor"><strong>Introduction to subprime mortgages: Definition and purpose</strong></h2><p>A subprime mortgage is a <a href="https://www.businessinsider.com/personal-finance/types-of-mortgage-loans" data-analytics-product-module="body_link" rel="">type of mortgage</a> offered to borrowers with low credit scores or other credit issues. Because a subprime borrower is seen as a greater risk of not paying off their loan, they are required to pay a higher interest rate.</p><p>Because of this, these mortgages can be significantly more expensive than traditional <a href="https://www.businessinsider.com/personal-finance/conventional-mortgage" data-analytics-product-module="body_link" rel="">conventional mortgages</a>.</p><aside class="quick-tip headline-regular ignore-typography"><p><strong>Note: </strong>Each lender determines their own definition of subprime status. Additionally, some may use different or more finely-tuned terms such as non-prime, near prime, or deep subprime.</p></aside><h3>Historical context</h3><p>Subprime mortgages are perhaps best known for their role in helping to create the housing bubble that led to the financial crisis of 2008-2009 and the Great Recession of 2007-2009. When the bubble burst many homeowners found themselves "underwater" with mortgage balances greater than the value of their homes.</p><p>Because of their role in the financial crisis, subprime mortgages have a negative connotation. Lenders have begun using the term "non-prime mortgage." The main difference between the two is that non-prime mortgages are subject to tougher, more responsible underwriting. </p><p>This allows people who can demonstrate their ability to keep up with house payments, but who have suffered a recent financial loss or tragedy, the opportunity to own their own home.</p><p><em><strong>See Insider's picks for the top <a href="https://www.businessinsider.com/personal-finance/low-credit-score-mortgage-lenders" data-analytics-product-module="body_link" rel="">low credit score mortgage lenders</a>>></strong></em></p><h2 data-toc-label="Characteristics" id="characteristics" class="toc-anchor"><strong>Characteristics of subprime mortgages</strong></h2><p>Although there is no one-size-fits-all number, generally speaking, borrowers with FICO credit scores in the low 600s and below are considered subprime. The <a href="https://www.consumerfinance.gov/data-research/consumer-credit-trends/student-loans/borrower-risk-profiles/" target="_blank" rel="noopener" data-analytics-product-module="body_link">Consumer Financial Protection Bureau</a> considers scores below 620 to be subprime, while the credit reporting agency <a href="https://www.experian.com/blogs/ask-experian/what-is-subprime/" data-analytics-product-module="body_link" rel=" nofollow">Experian</a> says that scores below 670 could fit into this category by some lenders' definitions.</p><h3>Interest rates and terms</h3><p>Because they don't conform to typical mortgage standards, subprime or non-prime mortgages can come with a variety of different terms, rate structures, and requirements.</p><p>Although you will pay a higher interest rate with a subprime loan, the sky is not the limit. The government caps interest rates on subprime mortgage loans and lenders have to honor those caps.</p><aside class="quick-tip headline-regular ignore-typography"><p><strong>Quick tip: </strong>You can use Personal Finance Insider's <a href="https://www.businessinsider.com/personal-finance/mortgage-calculator" data-analytics-product-module="body_link" rel="">mortgage calculator</a> to see how different interest rates would affect your monthly payment.</p></aside><p>Often, subprime mortgages are <a href="https://www.businessinsider.com/personal-finance/adjustable-rate-mortgage" data-analytics-product-module="body_link" rel="">adjustable-rate mortgages</a>, meaning you'll start with a rate that stays the same for a set amount of time then adjusts periodically depending on current market rates. But you can also find subprime mortgages that come with fixed rates, where your rate stays the same for the entire term.</p><p>You may be able to find subprime mortgages that spread out your payments over an even longer term than the typical 30 years, like a <a href="https://www.businessinsider.com/personal-finance/40-year-mortgage" data-analytics-product-module="body_link" rel="">40-year mortgage</a>. Or the loan might be set up as an <a href="https://www.businessinsider.com/personal-finance/interest-only-mortgage" data-analytics-product-module="body_link" rel="">interest-only mortgage</a>, where you only pay the interest each month for a set period of time. This type of setup can be risky and expensive.</p><h2 data-toc-label="Who needs a subprime mortgage?" id="who-needs-a-subprime-mortgage?" class="toc-anchor"><strong>Who needs a subprime mortgage?</strong></h2><p>Just because you can get a subprime loan doesn't mean you should. If you don't qualify for a prime mortgage now, the best thing to do is work on rebuilding your credit, paying off debt, and saving for a higher down payment. </p><p>If your situation has improved and you're financially stable enough to handle a mortgage payment but can't yet qualify for a prime loan, you might decide that getting one of these mortgages makes sense for you. </p><h3>Credit challenges and financial situations</h3><p>Some of the factors that have a negative impact on a borrower's FICO credit score leading to subprime status are:</p><ul><li aria-level="1">Missed payments on credit accounts</li><li aria-level="1">Charge-offs, repossessions, or <a href="https://www.businessinsider.com/personal-finance/what-is-foreclosure" rel="">foreclosures</a></li><li aria-level="1">Recent bankruptcy</li><li aria-level="1">High <a href="https://www.businessinsider.com/personal-finance/debt-to-income-ratio" rel="">debt-to-income ratio</a></li><li aria-level="1">New to credit with no credit score</li></ul><h2 data-toc-label="Risks" id="risks" class="toc-anchor">Risks associated with subprime mortgages</h2><p>"Often, consumers don't comprehend the risks of the financial products they're signing themselves up for," says Jeffrey Zhou, CEO of Fig Loans.</p><p>Subprime mortgages may not come with the same affordable features that you'll find with prime mortgages.</p><h3>Higher interest rates</h3><p>The <a href="https://www.businessinsider.com/personal-finance/average-mortgage-interest-rate" data-analytics-product-module="body_link" rel="">mortgage rate</a> you'll get with a subprime loan is dependent on four factors: credit score, the size of your down payment, the number of late payment delinquencies on your credit report, and the types of delinquencies found on the report. These rates are often significantly higher than prime mortgage rates.</p><h3>Potential for default and foreclosure</h3><p>If you're still experiencing the hardship that caused your credit score to fall, or if you haven't addressed underlying money management issues, getting a mortgage may only make your situation worse. </p><p>Ultimately, a subprime or non-prime mortgage loan costs more, both in the short-term and in the long-term. This can increase your risk of defaulting on the loan and losing your home to foreclosure. </p><h2 data-toc-label="Benefits" id="benefits" class="toc-anchor">Benefits of subprime mortgages</h2><h3>Opportunity for homeownership</h3><p>If the issues that led to your poor credit are now resolved and you're confident you can keep up with your monthly payments, there can be benefits to becoming a homeowner now versus waiting until your credit has recovered.</p><p>Once you buy a home, you start building equity. Home values tend to increase over time, so the sooner you get into a home, the more time you'll have to benefit from that.</p><h3>Credit building potential</h3><p>A monthly <a href="https://www.businessinsider.com/personal-finance/average-mortgage-payment" data-analytics-product-module="body_link" rel="">mortgage payment</a> gives you the opportunity to build back your credit. Over time, your credit score should improve as you build a history of on-time payments. </p><p>However, if you end up unable to make your payments, your credit will become even more damaged. </p><h2 data-toc-label="Alternatives" id="alternatives" class="toc-anchor"><strong>Alternatives to subprime mortgages</strong></h2><p>Before you get into a subprime loan, consider the alternatives.</p><p>"Don't think that you're choiceless," says Zhou. "There are other and even better options than settling for a subprime mortgage. You can qualify for a homeownership assistance program if you don't meet the credit requirement. So don't lose your hope of owning a home." </p><h3>Government-backed loans</h3><ul><li aria-level="1"><strong>Federal Housing Administration (FHA) loans:</strong> <a href="https://www.businessinsider.com/personal-finance/fha-loan" rel="">FHA loans</a> feature lower interest rates than conventional mortgages. You may be eligible for an FHA loan with a credit score as low as 500 with a 10% down payment or 580 with a 3.5% down payment.</li><li aria-level="1"><strong>Veterans Affairs (VA) loans:</strong> <a href="https://www.businessinsider.com/personal-finance/va-loans" rel="">VA loans</a> are available to qualified veterans or members of the military community, such as a spouse or beneficiary. You may be able to purchase a home with little or no money down with a VA loan.</li><li aria-level="1"><strong>UD Department of Agriculture (USDA) loans:</strong> There is no down payment requirement for a <a href="https://www.businessinsider.com/personal-finance/usda-loan" rel="">USDA home loan</a>. If your income is limited and you want to purchase a home in an eligible rural area, you may qualify for this type of loan.</li></ul><h3>Credit repair and improvement strategies</h3><p>Subprime mortgages aren't for everyone. If you're not in a rush for housing, it's probably better to improve your credit and qualify with a <a href="https://www.businessinsider.com/personal-finance/best-mortgage-lenders" data-analytics-product-module="body_link" rel="">mortgage lender</a> that offers prime loans. If you don't have time to wait, look into one of the alternatives listed above. </p><h2 data-toc-label="Navigating subprime mortgages" id="navigating-subprime-mortgages" class="toc-anchor">Navigating subprime mortgages</h2><h3>How to choose a responsible lender</h3><p>Check with trusted local banks and mortgage lenders who offer prime rate mortgage loans. Many traditional lenders also offer subprime (non-prime, if you prefer) mortgage loans. Read customer reviews and look at the lender's rating from the Better Business Bureau to gauge how reputable the company is. </p><p>Consider lenders that offer <a href="https://www.businessinsider.com/personal-finance/non-qm-loans" data-analytics-product-module="body_link" rel="">non-QM mortgage loans</a>, such as <a href="https://www.businessinsider.com/personal-finance/angel-oak-mortgage-review" data-analytics-product-module="body_link" rel="">Angel Oak</a> or <a href="https://www.businessinsider.com/personal-finance/carrington-mortgage-services-review" data-analytics-product-module="body_link" rel="">Carrington</a>. A quick online search using terms such as "subprime, non-prime," or "non-QM" mortgage loans should yield results.</p><h3>The importance of financial counseling</h3><p>You might find it helpful to talk to a Department of Housing and Urban Development-sponsored housing counseling agency. You can <a href="https://hud4.my.site.com/housingcounseling/s/?language=en_US" target="_blank" rel="noopener nofollow" data-analytics-product-module="body_link">search on HUD's website for an agency</a> in your area. They can help you understand what mortgage options might be available to you, and what you can do to <a href="https://www.businessinsider.com/personal-finance/how-to-improve-credit-score" data-analytics-product-module="body_link" rel="">improve your credit</a> for homeownership. </p><h3>Long-term considerations and exit strategies</h3><p>If you get a subprime mortgage, your goal should ultimately be to transition from a subprime mortgage to a prime mortgage. This means improving your creditworthiness and then <a href="https://www.businessinsider.com/personal-finance/when-to-refinance-mortgage" data-analytics-product-module="body_link" rel="">refinancing</a> into a prime mortgage. </p><h2 data-toc-label="FAQs" id="faqs" class="toc-anchor">What is a subprime mortgage FAQs</h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What qualifies you for a subprime mortgage? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Subprime mortgages are available to borrowers with lower credit scores, such as those in the low 600s or below. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Are subprime mortgages still available after the financial crisis? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Yes, you can still get a subprime mortgage today, but they typically require stricter underwriting to ensure that the borrower can afford to repay the loan based on their finances. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How can I improve my chances of moving from a subprime to a prime mortgage? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The best way to improve your chances of qualifying for a prime mortgage is to increase your credit score. You can do this by making on-time debt payments and keeping your credit utilization low.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What are the typical interest rates for subprime mortgages? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Subprime mortgages have higher interest rates compared to prime mortgages, since they're riskier for the lender.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can a subprime mortgage help me build my credit? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">As long as you stay on top of your payments, a subprime mortgage should help you rebuild your credit over time. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is an example of a subprime mortgage? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">The exact definition of what type of credit is considered subprime varies from lender to lender. For example, if a lender typically won't lend to borrowers with scores below 660 but it has a loan product with higher interest rates for borrowers with scores down to 580, that would be considered a subprime mortgage.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What are subprime mortgages called now? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You may sometimes see subprime mortgages referred to as non-prime. They may also fall under the umbrella of non-QM loans, which are those that don't meet qualified mortgage standards set by Consumer Financial Protection Bureau.</p> </div> </div> </div><div class="ca-widget" data-token="x13d55880b64" data-s1="AMCID"></div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-src="https://secure.money.com/embeds/embedder.js?v=1" data-async="true" data-defer="true"></div> <section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/jim-probasco" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="jim-probasco"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/6129263512b9cc0019632ace?crop=1:1&width=256&format=jpeg&auto=webp" alt="Photo of writer Jim Probasco"> <noscript> <img src="https://i.insider.com/6129263512b9cc0019632ace?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/jim-probasco" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Jim Probasco</div> </a> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>A freelance writer and editor since the 1990s, Jim Probasco has written hundreds of articles on personal finance and business-related content, authored books and teaching materials in the fields of music education and senior lifestyle, served as head writer for a series of Public Broadcasting Service (PBS) specials and created radio short-form comedy. </span> <span>As managing editor for The Activity Director's Companion, Jim wrote and edited numerous articles used by activity professionals with seniors in a variety of lifestyle settings and served as guest presenter and lecturer at the Kentucky Department of Aging and Independent Living Conference as well as Resident Activity Professional Conferences in the Midwest.Jim has served on the boards of several nonprofit organizations in the Dayton, Ohio area, including the Kettering Arts Commission, Dayton Philharmonic Education Advisory Committee, and the University of Dayton Arts Series. He is past president of an educational foundation that serves teachers and students in the Kettering (Ohio) City School District.Jim received his bachelor's from Ohio University in Fine Arts/Music Education and his master's from Wright State University in Music Education.<em></em></span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="molly-grace"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" alt="Headshot of Molly Grace"> <noscript> <img src="https://i.insider.com/621fc89f75b649001845be8a?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/molly-grace" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Molly Grace</div> </a> <div class="post-author_title headline-regular">Mortgage Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership. </span><span><span class="headline-semibold">Experience</span></span><span>In addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.</span><span>She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them. </span><span>Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast <em>Home. Made</em>.</span><span>Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach. </span><span><span class="headline-semibold">Expertise</span></span><span>Molly is an expert in the following topics:</span><ul><li><span>Mortgages and mortgage lenders</span></li><li><span>Home equity</span></li><li><span>The housing market</span></li><li><span>The economy and the forces that impact mortgage rates</span></li><li><span>Budgeting and saving</span></li><li><span>Credit</span></li><li><span>Insurance</span></li><li><span>Retirement savings</span></li></ul><span><span class="headline-semibold">Education</span></span><span>Molly earned a bachelor's degree in journalism from Indiana University. </span><span>She is based in Michigan and has a dog and two cats. </span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/60a53ef9e25d05001880c7d2":{"contentType":"image/png","aspectRatioW":1200,"aspectRatioH":320}}" alt="LendingClub Logo"> <noscript> <img src="https://i.insider.com/60a53ef9e25d05001880c7d2?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> LendingClub LevelUp Savings Account </a> <span class="headline-semibold featured-product-sub-heading"> Earn 5.00% APY when you deposit $250 per month <div class="component rich-tooltip featured-product-rich-tooltip" role="tooltip" data-tooltip-position="right"> <svg class="svg-icon tooltip-icon " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">Earn 5.00% APY when you deposit at least $250 per month, earn 4.00% standard APY if minimum isn't met.</div> </div> </div> <style>.rich-tooltip-wrapper { display: none; }</style> </span> </div> <div class="featured-product-cta"> <a href="https://offers.moneylion.com/channelTrackingOfferRedirect/ef7e9365-d513-464f-b2f2-5b4ee58fb7d8/7730fd4f-e907-4d31-b88e-89806ac20f06" target="_blank" class="featured-product-link not-content-link" data-analytics-product-area="button" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="LendingClub LevelUp Savings Account" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> Start Saving </a> </div> </div> </div> </div> </div> </div> </section> </div> </div> <section class="post-content-more"> <div class="inline-newsletter-signup headline-regular loading insider-today" id="formContainer" data-component-type="inline-newsletter-module" data-event-label="insider_today" data-newsletter-id="1" data-newsletter-title="Insider Today" data-acq-source="personalfinanceverticalinline" data-track-view={"product_field":"bi_value_unassigned","element_name":"inline_newsletter"} > <section class="inline-newsletter-content"> <div class="inline-newsletter-insider-today-header"> <div> <div class="inline-newsletter-logo-tag"> <div class="inline-newsletter-logo"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 16 / 195)" > <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src='/public/assets/BI/US/logos/newsletters/insider-today-logo.png' alt="Insider Today" /> <noscript> <img src="/public/assets/BI/US/logos/newsletters/insider-today-logo.png" /> </noscript> </div> </div> </div> <div class="newsletter-signup-header" id="signUpHeader" > Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. <a href="https://l.businessinsider.com/e/evib?_t=c8e10479a20f45bba5aad6c5f6fbb009&_m=bee0b92dd7f64311b232730abc2d57af&_e=U5JhMPKexkqXQC0IbC5jAv93qEg9l9wpQfDa9HFV0yVMQv3svoC1aboxnptAyVwou2R68cPyvF-aWiSH-hyRWg%3D%3D" target="_blank" class="inline-newsletter-preview-link headline-semibold">Read preview</a> </div> </div> <div class="inline-newsletter-img-wrapper-mobile"> <div class="lazy-holder lazy-holder has-transparency" style="padding-top: calc(100% * 124 / 111)" > <img class="lazy-image has-transparency" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src='/public/assets/rebrand/newsletter-bull.png' alt="Bull" /> <noscript> <img src="/public/assets/rebrand/newsletter-bull.png" /> </noscript> </div> </div> </div> <div class="js-loader hidden"><svg class="svg-icon " version="1.1" xmlns="http://www.w3.org/2000/svg" role="img" width="50" height="50" viewBox="0 0 50 50" style="enable-background:new 0 0 50 50;" xml:space="preserve"> <path fill="#0a0a0a" d="M43.935,25.145c0-10.318-8.364-18.683-18.683-18.683c-10.318,0-18.683,8.365-18.683,18.683h4.068c0-8.071,6.543-14.615,14.615-14.615c8.072,0,14.615,6.543,14.615,14.615H43.935z"> <animateTransform attributeType="xml" attributeName="transform" type="rotate" from="0 25 25" to="360 25 25" dur="0.6s" repeatCount="indefinite"/> </path> </svg></div> <div class="error-request-message headline-regular hidden"></div> <div class="success-container__desktop"> <div class="success-image-container hidden"></div> <div class="success-message-container"> <div class="success-message headline-semibold hidden"> Thanks for signing up! <a class="npc-anchor not-content-link headline-semibold" href="https://www.businessinsider.com/subscription/newsletter">Go to newsletter preferences</a> </div> <div class="success-sub-message headline-semibold hidden"></div> </div> </div> <div class="success-container__mobile d-none"> <div class="success-message headline-semibold">Thanks for signing up!</div> <div class="success-image-container"></div> <div class="success-sub-message headline-regular"> Access your favorite topics in a personalized feed while you're on the go. <button class="rounded-button headline-semibold white-button download" type="white" > download the app </button> </div> </div> <div id="account-creation-component" data-element-name="inline_newsletter" data-load-markup="inline-newsletter-module/account-creation/template"> </div> <form id="emailCapture" action="javascript:void(0);" method="POST" novalidate > <div class="flex-parent"> <div class="user-input-container"> <label id="focusedLabel" class="headline-regular" for="newsletter-module-email" >Email address</label> <input class="headline-regular" type="email" autocapitalize="off" name="newsletter-module-email" id="newsletter-module-input" placeholder="Enter your email" autocomplete="email" required="required" /> </div> <div class="mobile-error-msg error-msg headline-regular"></div> <div class="submit-container headline-semibold"> <button class="rounded-button headline-semibold dark-button inline-newsletter-submit" type="dark" > Sign up </button> </div> </div> <div class="desktop-error-msg error-msg headline-regular"></div> <div class="sign-up-tos headline-regular" id="nlTos" > By clicking “Sign Up”, you accept our <a class="tos-anchor" href="https://www.insider-inc.com/terms" target="_blank">Terms of Service</a> and <a class="tos-anchor" href="https://www.insider-inc.com/privacy-policy" target="_blank">Privacy Policy</a>. 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