Mortgage Handbook

Residential Mortgages

A residential mortgage is a loan used to finance the purchase of a home, as opposed to a business or office building. These types of loans are generally given to one or more individuals who intend to live on the purchased property, or rent it out for investment purposes.

There are a variety of residential mortgage options available to individual buyers, including fixed-rate, variable-rate, and capped-rate loans. One’s ability to apply for a residential mortgage will, of course, depend on their income, credit rating, and perceived ability to pay.