Condo? Townhouse? Single Family Home? Detached Garage? Yard? Urban? Suburban?
Let Cindy Janisch, Accredited Mortgage Professional guide you thru the process of purchasing, refinancing or renewing your residential mortgage. With the lenders guidelines rapidly changing you will need the knowledge of a mortgage broker professional to guide you. Access to top lenders, great rate options and a full explanation of your credit and net worth.
What is a Residential Mortgage?
A residential mortgage is a mortgage loan that is used to finance the purchase of a residential property. The loan is secured by the property itself, and the borrower makes monthly payments to the lender over a set period of time, typically 15 or 30 years.
The purpose of a residential mortgage is to allow the borrower to spread the cost of the purchase over a long period of time, making it more affordable. The monthly payments are usually lower than if the borrower were to take out a conventional loan for the same amount.
The interest rate on a residential mortgage is usually lower than the rate on a conventional loan, as the lender is taking on less risk. The loan is secured by the property, so if the borrower defaults, the lender can sell the property to recoup its losses.
Residential mortgages are available from a variety of lenders, including banks, credit unions, and mortgage companies. The terms of the loan will vary depending on the lender, but most will require a down payment of at least 10% of the purchase price.
If you’re thinking of buying a home, a residential mortgage could be a good option for you. Talk to a lender to see if you qualify and compare rates to find the best deal.
