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Residential Mortgage

Residential Mortgage

What is Residential Mortgage?

A residential mortgage is a loan that is used to purchase a residential property, such as a house, condo, or apartment. In exchange for the loan, the property is used as collateral. Meaning, if you fail to repay your loan, the lender will take possession of the property. Whether you want to buy your first home, switch your mortgage, or renew or refinance your mortgage, we can set you up with a specialist that will suit all your needs.

What are the benefits?

Appreciation

As the market value of your property rises, you may realize potential gains, increasing the equity from home ownership.

Home Ownership

Residential Mortgages allow you to become a home owner, helping you build equity over time.

Tax Deductions

The interest you pay on your mortgage may be tax-deductible, allowing you to enjoy the reduced cost of borrowing.

How does a Residential Mortgage work?

Pre-Approval
Before you purchase a home, a preliminary assessment of your financial situation will be made to determine how much you can afford to borrow. As a borrower, you will need to provide detailed financial information, including your income, assets, debts, and credit history.
1
Loan Types
Mortgage solutions vary and give you the opportunity to choose the payment option the best suits your needs.

● Fixed-Rate Mortgage: The interest rate on your mortgage remains constant throughout the loan term, allowing you to have stable monthly payments and protecting you from rising interest rates.

● Variable Mortgage: Your mortgage changes according to the prime rate. The prime interest rate can change periodically, allowing you to pay off your mortgage sooner if the rate falls.
2
Down Payment
A down payment, (typically 20% of the purchase price), must be paid upfront. The higher down payment, the better the loan terms.
3
Loan Approval
The lender will evaluate your application and supporting documents to assess your ability to repay the loan. An appraisal will be conducted to determine the property's market value, ensuring it meets or exceeds the loan amount.
4
Monthly Payments
Throughout the loan term, the borrower will pay monthly payments until the loan is fully repaid. These expenses will include the principal amount, interest, property taxes, and homeowner’s insurance.
5
Amortization
Payments are structured so that early payments will cover the interest first, while later payments increasingly pay down the principal.
6

Have any more questions? Contact us and we will find the mortgage that suits your unique needs and situation.

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