A sub-prime mortgage is a home loan that is specially designed to serve borrowers who do not meet the stringent underwriting requirements of traditional lenders.

Sub-prime loans are so comprehensive that anyone should be able to obtain a mortgage as long as they are able to drag themselves into the office of a mortgage broker to sub-prime lender.

Borrowers however should expect to be charge closing fees and interest rates that are higher than what is generally available on the open market.

In view of the events of 2008, borrowers should practice extra caution to avoid falling victim to predatory lenders.

Whatever the case, these lenders do play a legitimate role in helping lower income people become homeowners.