• A residential mortgage is a loan used to purchase or refinance a home.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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