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Is it smart to apply for a subprime mortgage?

In: Loans, Mortgages, Money Management [Edit categories]

Answer:

If you can handle the terms of the subprime mortgage then it is ok. But you need to be sure that you have the money to cover it, because you are gambling with your future if you do not.

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Relevant answers:

What are the reasons in which a person would apply for a subprime mortgage?
Subprime mortgages are for people with lower or worse credit ratings, its more of a second chance than anything. You would apply for one if you have bad credit and need a home loan, it does have...
What is subprime mortgage?
A subprime mortgage is for consumers who do not qualify for a conventional mortgage loan. Lenders consider these applicants as a higher risk. http://www.fixed-mortgagerate.com.
Percent of all mortgages that are subprime?
The numbers have not been quantified yet. But I believe it would be less than 10% of the US loans.
What are the different types of subprime mortgages?
Subprime mortgages are for those with a poor credit history, often 600 or below. The most common type includes the ARM, or Adjustable Rate Mortgage. The interest rate starts at low, but increases...
What do you need when you apply for a mortgage loan?
Good credit and adequate income.