Mortgage: A mortgage is a loan specifically used to purchase a property, where the property itself serves as collateral. Homeowners often take out mortgages to finance their homes.
Subprime Mortgage: A subprime mortgage is a type of mortgage given to borrowers with low creditworthiness or a high risk of defaulting on payments. It played a significant role in the 2007-2008 financial crisis, as many homeowners with subprime mortgages were unable to keep up with their payments.
Housing Bubble: A housing bubble refers to an unsustainable increase in housing prices, often fueled by speculation and excessive lending. When the bubble bursts, it can lead to a sharp decline in property values and financial instability for homeowners.