What is a residential mortgage?
A residential mortgage is a loan used to purchase or refinance a home.
How do I qualify for a residential mortgage?
To qualify for a residential mortgage, you typically need a good credit score, a stable income, and a sufficient down payment. The exact requirements may vary based on the lender and the type of loan you choose.
How much can I borrow for a residential mortgage?
The amount you can borrow for a residential mortgage will depend on factors such as your income, credit score, and debt-to-income ratio. Lenders typically allow you to borrow up to 80% to 90% of the home’s value, but this can vary based on your circumstances.
How long does the residential mortgage process take?
The time it takes to get a residential mortgage can vary based on the lender and your individual circumstances, but it usually takes 30 to 45 days from start to finish.
Can I get a residential mortgage with a low credit score?
It may be possible to get a residential mortgage with a low credit score, but you may have to pay a higher interest rate. It’s also possible that you may need a co-signer or to put more money down as a down payment.
What is a fixed-rate mortgage?
A fixed-rate mortgage is a type of residential mortgage where the interest rate stays the same for the entire term of the loan. This can provide stability and predictability for your monthly payments.
What is an adjustable-rate mortgage (ARM)?
An adjustable-rate mortgage (ARM) is a type of residential mortgage where the interest rate can change over time based on changes in market conditions. This can result in changes to your monthly payments.