Sample APA Paper - Advantages and Disadvantages of Subprime Mortgages.docx - Running head ADVANTAGES AND DISADVANTAGES OF SUBPRIME MORTGAGES 1

Sample APA Paper - Advantages and Disadvantages of Subprime Mortgages.docx

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Running head: ADVANTAGES AND DISADVANTAGES OF SUBPRIME MORTGAGES 1 Advantages and Disadvantages of Subprime Mortgages Student’s Name Institution
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ADVANTAGES AND DISADVANTAGES OF SUBPRIME MORTGAGES 2 Advantages and Disadvantages of Subprime Mortgages Introduction Subprime mortgages are types of mortgages issued to individuals whose poor credit rating does not give them the opportunity to access conventional mortgages. These types of mortgages come with advantages and disadvantages to both the borrowers and issues. This paper will discuss the advantages of subprime mortgages from the perspectives of borrowers and lenders. Advantages of Subprime Mortgages Subprime mortgages come with wide scale benefits to both borrowers and lenders. To begin with, the first major benefit that borrowers accrue from this type of mortgage is its ease of approval. Subprime mortgages unlike conventional mortgages do not need a lot of formalities to approve. In fact, companies which issue subprime mortgages do not concentrate at all on formalities that are meant to depict the credit rating of an individual. The ease of approval means that subprime mortgages can be acquired within a shorter period in that the conventional mortgages; this is suitable for borrowers who could have urgent need for money. In addition; subprime mortgages provide a relief to people with low credit rating and who may be denied mortgages from other financial institutions owing to low credit rating. For a borrower to qualify for a subprime mortgage he or she does not have to meet the credit threshold set by Fair Isaac
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