Residential Mortgages Mississauga & Oakville
Securing a mortgage for your next residential property should be straightforward. Tajwar Rahman offers residential mortgages in Mississauga to help you secure the property you want with competitive rates. Tajwar Rahman is your quick, easy, competitive mortgage broker in Mississauga.
What Is a Residential Mortgage?
A residential mortgage is a loan that helps finance the purchase of a property. The borrower loans the property’s value and repays the loan over a long-term period.
The borrower must make a down payment on the property, which is a percentage of the property’s value. The larger the down payment, the more favourable the loan will be for the borrower, as their interest payments will be lower. First-time home buyer mortgages allow the lender to place as little as 5% of the property’s value as a down payment.
During the loan repayment period, the borrower is required to repay their mortgage financing each month. Failure to pay for residential mortgages can result in the lender repossessing the property as collateral.
By contacting a private lender, you can discuss your options regarding a residential mortgage.
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What Is the Loan Repayment Period for Residential Mortgages?
The amortization period, or loan repayment period, is the time it takes for the borrower to pay back the loaned amount. The typical amortization period for a residential mortgage is 30 years.
Types of Mortgage Rates
There are different kinds of rates you need to evaluate before reaching out to a Mississauga mortgage broker.
Fixed Rate Residential Mortgages
Mortgage lenders can offer you fixed-rate residential mortgages, which allows you to pay the same amount in your mortgage payments throughout the loan term. Your interest rates will remain consistent throughout the term – ideal for those who don’t wish to assume risk.
Fixed-rate mortgages can range from periods of 2 years up to periods of 10 years and are a great option if you like to have control over your monthly budget.
Variable Rate Residential Mortgages
With a variable-rate mortgage, you start with an interest rate typically lower than a fixed-rate mortgage. However, the interest rate is not fixed. The variable mortgage rate will generally stay the same throughout the loan period. However, due to fluctuations in the prime rate, you may experience changes in your principal mortgage payment and interest payment.
When you opt for a variable-rate residential mortgage, you gain the advantage of lower initial interest payments. But, you assume the risk of future fluctuations in interest payments later on.
Can You Access a Residential Mortgage with a Bad Credit Score?
Tajwar Rahman, Mortgage Broker Mississauga
Tajwar Rahman is a mortgage broker in Mississauga that can help you to access the loans you need for your next residential property. Whether you’re seeking financing for an investment property or need to know your options for a bad credit score loan, Tajwar has the knowledge and experience to advise you. Tajwar is proud to arrange residential mortgages in Mississauga and the surrounding areas.
Types of Residential Mortgages
Home Equity Loans
Self Employed Mortgage
Bad Credit Mortgage
First-time Home Buyer
Flip Housing Mortgage
International Home Buyer
Vacation / Second Homes
Looking to secure a residential mortgage in Mississauga or Oakville? Contact Tajwar Rahman today for a free no-obligation mortgage consultation!
Why Work With Me
I will negotiate for my clients to ensure they are getting the lowest rate in the market.
I pride myself on providing quick, easy & honest service. My clients always come first.
I specialize in dealing with bad credit & bank declines. I turn a “NO” into a “YES!!”
*No credit checks without your permission. No complicated application! *Terms & conditions may apply.