Definition: The mortgage for a borrower with poor credit history (also known as "sub-prime" or "sub-standard") is a type of loan that requires borrowers to make regular monthly payments toward the amount of the loan, which may be lower than the amount they are eligible for through traditional lenders. The borrower must still pay off the balance on the mortgage in full at some point in time (such as when the borrower sells their home) and then begin making a new payment every month until all outstanding balances are paid off. The term "mortgage" generally refers to any financial obligation that requires monthly payments, including loans, mortgages, car loans, or credit card debt. The specific terms used to describe these types of loan may vary depending on the lender's requirements, so it's always a good idea to check with your bank or other financial institution directly for more information. The term "sub-prime" refers to the type of mortgage that is most common among borrowers with poor credit history, and the term "sub-standard" refers to any mortgage in which the borrower has no history of defaulting on their loan payments.
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