Finance your Dream Home

Residential mortgages are loans that are taken out to finance the purchase of a primary residence, such as a house or a condominium. These loans typically have a longer repayment term and a lower interest rate compared to other types of loans. To qualify for a residential mortgage, borrowers must demonstrate their ability to repay the loan through a good credit history, stable income, and proof of assets. The lender may also require an appraisal of the property being purchased to ensure that the loan amount is proportional to its value. Residential mortgages can be a great way to finance the purchase of a home, but it’s important for borrowers to carefully consider their financial situation and compare different loan options before making a decision.

Loan Requirements

Below is a list documenation you should prepate when apply for a mortgage:

  • Proof of Income: Pay stubs, W-2 forms, tax returns, and bank statements may be required to verify the borrower's income.
  • Credit History: Lenders will review the borrower's credit score and credit report to determine ability to repay the loan.
  • Proof of Assets: Bank statements, investment account statements, and retirement account statements may be required to verify the borrower's assets.
  • Employment Verification: Proof of current employment and job stability may be required.
  • Property Appraisal: An appraisal of the property being purchased is required to determine its value and ensure that the loan amount is proportional to it.
  • Down Payment:  Residential mortgages require a down payment, which is a percentage of the property's value.
  • Property Insurance: Proof of homeowner's insurance coverage is required to protect the lender's investment.
  • To qualify for a residential mortgage, borrowers must demonstrate their ability to repay the loan through a good credit history, stable income, and proof of assets. The lender may also require an appraisal of the property being purchased.

  • A fixed-rate mortgage has an interest rate that remains constant over the life of the loan, while an adjustable-rate mortgage has an interest rate that changes periodically based on market conditions.

  • The time it takes to get approved for a residential mortgage varies, but it typically takes several weeks from the time the loan application is submitted.