A subprime mortgage is a type of home loan offered to borrowers with lower credit scores or limited credit histories. These loans typically come with higher interest rates compared to prime mortgages, reflecting the increased risk lenders take when lending to individuals who may have difficulty repaying the loan. Subprime mortgages can enable individuals to purchase homes who might not qualify for traditional loans. However, they also carry a higher risk of default, which can lead to foreclosure. The rise and fall of subprime mortgages played a significant role in the 2008 financial crisis, impacting the entire economy and leading to widespread reforms in the lending industry.