"There are many different kinds of sub prime mortgages, including:

    * interest-only mortgages, which allow borrowers to pay only interest for a period of time (typically 5-10 years);
    * "pick a payment" loans, for which borrowers choose their monthly payment (full payment, interest only, or a minimum payment which may be lower than the payment required to reduce the balance of the loan);
    * initial fixed rate mortgages that quickly convert to variable rates." (Source: Wikipedia.org)