What is Residential Mortgage?
A residential mortgage is a loan designed to help borrowers purchase a property which they will live in. The property must be used as a residence by those taking out the mortgage, they are not able to rent out these properties to tenants nor use the properties for commercial purposes.
At Max Lend, we want to help you simplify the financial side of buying your first home. As an experienced mortgage broker, we can help you navigate the mortgage process to securing and managing your mortgage with confidence, we are here for you with advice, tools, education and guidance.
Buying your first home
Become an educated, confident first-time home buyer
There are so many feelings involved in buying your first home. Anticipation. Excitement. Apprehension. Pride. There is no disputing how amazing it is to find and secure your dream home. But there is also so much to learn in the process.
At Max Lend, we want to help you simplify the financial side of buying your first home. As an experienced mortgage broker, we can help you navigate the mortgage process to securing and managing your mortgage with confidence, we are here for you with advice, tools, education and guidance.
Residential Services
REFINANCE
We assist clients in leveraging the equity in their homes to fund various projects and financial endeavors.
RENEWAL
If your mortgage is due for renewal, we're here to assist you. Ensure you seek advice before committing to another term.
PURCHASE
Whether you're buying your first or tenth home, we're here to assist you throughout the process.
Switches
When your current term ends, the best option might be with a different lender. We'll ensure you find the most suitable one.
Alternative
We can assist in securing alternative financing for more complex cases.
Constuction
If you're envisioning a new home, allow us to steer you in the right financing direction for your construction project.
Your Questions Answered
Down payment typically range from 5% to 20% of the home purchase price
Closing cost include the following
– Property transfer tax (Exception AB)
– Lawyer fees
– Property tax( BC)
– Insurance cost
– Title Insurance cost
A residential mortgage is a loan used to buy or refinance a home for personal use. The property serves as collateral, and you repay the loan over time with interest.
Common types include fixed-rate mortgages, adjustable-rate mortgages (ARMs), interest-only mortgages, and government-backed loans like FHA and VA loans.
Lenders typically consider your credit score, income, employment history, debt-to-income ratio, and the appraised value of the property.
Down payments typically range from 5% to 20% of the home’s purchase price, but some government-backed loans may require as little as 3%.
Pre-approval is a lender’s commitment to provide a mortgage up to a certain amount. It helps you understand your budget and shows sellers you’re a serious buyer.
A fixed-rate mortgage has an interest rate that stays the same throughout the loan term, while an adjustable-rate mortgage (ARM) starts with a lower rate that can change after a set period.
Refinancing replaces your existing mortgage with a new one, often to get a lower interest rate, reduce monthly payments, or access home equity.
Closing costs include fees for loan origination, title searches, appraisals, and more. They typically range from 2% to 5% of the home’s purchase price.
Yes, most mortgages allow early repayment. However, some loans have prepayment penalties, so it’s important to check with your lender.
Missing a payment can result in late fees, negatively impact your credit score, and potentially lead to foreclosure if not addressed promptly.