A residential mortgage is a loan used to purchase a home, where the property itself serves as collateral. Borrowers repay the loan over time through monthly payments, which include principal and interest.
Residential
Home / Residential
Purchasing a New Home Made Simple with Our Services
Purchasing your first home is a significant milestone, and securing the right mortgage is crucial to making this dream a reality. At Mortgages by Raman, we specialize in guiding first-time homebuyers through the complexities of residential mortgages, ensuring a smooth and informed journey to homeownership.
A residential mortgage is a loan secured against a property intended for personal use. It enables individuals to finance the purchase of their homes, spreading the cost over an extended period. Residential mortgages come in various forms, including fixed-rate and variable-rate options, each tailored to meet different financial situations and preferences.
Residential Mortgage Services
At Mortgages by Raman, I offer a comprehensive suite of residential mortgage services designed to cater to your unique needs:
First-Time Homebuyer Guidance: Navigating the housing market for the first time can be daunting. I provide personalized advice and support, helping you understand your options and make informed decisions.
Mortgage Pre-Approval: Secure a clear understanding of your borrowing capacity with our pre-approval services, giving you confidence and a competitive edge when making offers.
Rate Shopping: I leverage our extensive network of lenders to find the most competitive interest rates and terms that align with your financial goals.
Refinancing Options: If you’re looking to refinance your existing mortgage, I can assist in securing better rates or terms to suit your evolving needs.
Why Choose Raman?
I help you find the right solutions and simplify the mortgage process. With a team built on a strong foundation of experience and expertise, I am committed to securing the best mortgage to suit your needs. Let me handle the hard work, ensuring a smooth and positive experience for you!
Expert Guidance
Our experienced team specializes in home equity loans, offering tailored advice to ensure you secure the best loan for your specific needs.
Quick and Easy Process
I simplify and speed up the home equity loan application process, so you can access the funds you need without unnecessary delays.
Construction Home Loans
Constructing your own home gives you the unique opportunity to create a living space that is perfectly aligned with your vision, needs, and lifestyle.
FAQs
What is a residential mortgage?
How much down payment do I need for a home mortgage?
The minimum down payment in Canada varies based on the purchase price:
- 5% for homes up to $500,000
- 10% for the portion between $500,000 and $999,999
- 20% for homes $1 million and above
What is the difference between a fixed-rate and a variable-rate mortgage?
A fixed-rate mortgage has a stable interest rate for the entire term, offering predictable payments. A variable-rate mortgage fluctuates based on market conditions, which could lead to lower payments when interest rates drop.
How much down payment do I need for a home?
Typically, a minimum of 5% is required for homes under $500,000, while properties above this amount may require a higher percentage.
Can I qualify for a mortgage with a low credit score?
Yes! We work with a range of lenders who offer mortgage solutions for buyers with different credit backgrounds.
