A residential mortgage is a home loan that is a part of a mortgage.
There are three types of residential mortgage: residential design services , residential interior design and residential mortgage.
A residential interior designed home includes: furniture , appliances, lighting, bathroom fixtures, appliances and furnishings for use as a home.
A home is usually designed to be occupied by one person or family.
A secondary residential mortgage may be an extended mortgage.
An extended mortgage is one that is extended to two or more individuals, families or corporations.
In the case of an extended or secondary mortgage, the terms of the mortgage change to include the term of the home.
An example of an extension of a residential mortgage would be a term extension.
For example, an extended residential mortgage that was paid in January 2018 could be extended in July 2019 to extend until 2023.
A term extension is a term that allows the lender to increase the length of the loan, or the amount of interest payable on the mortgage, from the initial term.
The term extension allows the borrower to make a more favourable payment.
For more information on residential mortgage terms and conditions, read Mortgage Terms and Conditions.
A primary residential mortgage can be used to buy an existing home, buy a house, buy or build a house.
A house is a house that is designed to house one or more people.
A person is a person that is in a dwelling, or who is living in the same dwelling, as the person who owns the house.
To qualify for a primary residential home loan, the borrower must: have a current income or income from a business of $100,000 or less; have lived in the home for at least six months immediately before the application for the mortgage and be a qualifying person; and be the owner of a primary residence in the dwelling or the primary residence for which the mortgage was issued.
For a residential loan, you may be able to refinance a primary home loan into a primary mortgage at the same time.
To make a primary loan, apply for a residential home mortgage, but do not include the purchase price of the property.
You may be eligible for a reduced or no payment if the total loan amount is less than the purchase amount.
You must pay interest on the loan at the rate of 2.75% per year, up to the amount you paid for the home in January 2019, and a principal and interest rate of 0.25%.
You can make a payment on a primary housing loan to help pay down your home loan.
For further information on mortgage refinancing, read Refinance your home mortgage with a home equity line of credit.
A mortgage refinanced to a primary dwelling may have a shorter loan term, but a longer repayment period, meaning that your repayments will be lower.
For additional information, read more about refinancing a primary property.
For information about secondary residential mortgages, read Residential mortgage terms.
Primary residential mortgages can be extended, or secondary residential loans may be extended.
A principal residential mortgage includes the following terms: a house built in a certain year, a house for sale in that year, or a house sold in that same year.
The principal mortgage is paid in full in the year it is issued.
The repayments are made in full for the entire period that it is outstanding.
A repayment period of a principal residential home may be longer than a principal mortgage, so it is important to have a repayment plan in place.
For refinancing an existing residential mortgage into a secondary mortgage at a higher interest rate, apply to have the mortgage modified to a secondary property, or to apply for another mortgage.
For an example of a secondary residential loan that can be refinance, read refinance your primary home mortgage.
You can refinance the principal mortgage into another residential loan to increase your income, but you may have to pay additional fees or interest if the new property is a secondary home.
To apply for more information about refinances, read Resolving your primary mortgage.
Secondary residential mortgages are a more attractive option for investors.
You will pay lower interest rates, and you can increase your equity in your home.
You do not have to sell the house before refinancing.
For secondary residential refinancing to work, you must apply for the refinancing of a home that is not your primary residence.
The refinancing is made at the new home’s price, and the principal is paid directly to the lender.
For these refinancing options, you will pay no interest.
If you refinanced your primary residential loan into secondary residential financing, you can use the principal of your primary loan to pay for the house or other improvements.
You cannot use the money from the refinanced loan to make mortgage payments or to repay the principal.
To learn more about secondary refinancing mortgages, refer to the Residential Mortgage Financing Guide.
A second home or property is not a primary or secondary home, but it is considered a secondary dwelling, a secondary