Bringing Homeownership Within Reach: Your Key to Residential Mortgages
How much are you looking to borrow?
Stress-free Home Buying
Are you looking to put down roots and build equity in your own home? Maybe you are looking to buy a vacation home or purchase a residential investment property? Buying a home is one of the biggest purchases you’ll ever make, and it can be both a very happy and stressful time.
Benson Mortgage experts will help make the experience of getting a residential mortgage quick, easy, and hassle-free. Our focus is on getting you approved for the best rates and terms as quickly and simply as possible so that you can focus on enjoying your new purchase.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
Residential Mortgage
What is a residential Mortgage?
A residential mortgage is a loan, typically for a fixed amount of time, given to finance the purchase of a residential property. Residential property, is property that is zoned for single family homes, townhomes, apartments, or any other place where people live. Rental properties with up to 4 units are considered residential. Rental properties with five or more units are considered commercial property.
A mortgage has three basic parts, a down payment, monthly payments, and interest fees.
How much of a down payment will you need for your residential rental property?
If you are purchasing a multi-unit property, whether you live in one of the units or not, will impact how much down payment you will need to make. If you do live in one of the units, your property is considered owner-occupied, if you don’t, your property is considered non-owner occupied.
The following chart shows the minimum down payment that is required for both owner and non-owner occupied investment properties.
| Units | Owner- Occupied |
Down Payment |
|---|---|---|
| 1-2 | Yes | 5% |
| 1-2 | No | 20% |
| 3-4 | Yes | 10% |
| 3-4 | Yes | 20% |
Mortgages for Rental Properties
Most buildings with 1-4 units are zoned residential. Buildings with 5 or more units are zoned commercial, so you will need to take out a commercial mortgage.
If you plan to rent your second home or vacation property when you are not using it, it is considered an investment property and will require a minimum 20% down payment. If you or a family member plans to live in the home, on a rent-free basis, you can get a mortgage for less that 20% down payment.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
The down payment is the amount that you will need to pay to secure your mortgage. You will be expected to come up with a minimum of 5% of the cost of the home if the price of your home is below $500,000. For homes that are priced between $500,000 and $999,999, the down payment is 5% of $500,000, plus 10% of the remaining amount. Homes over a million dollars, require a 20% down payment.
These are the minimum down payments to qualify for a mortgage, and anything below 20% requires you to have mortgage default insurance. This insurance protects the lender in case you default on payments. Your mortgage loan insurance can be paid for upfront or added to your monthly mortgage payments.
Second Home or Vacation Property Mortgage
What is a Second Home?
A second home is a residence that you, or a family member, intends to occupy for part of the year, in addition to having a primary residence. A second home could be a vacation home, a condo in the city, or a home for your child away at school.
Not to be confused with a second mortgage, a second home mortgage is a home loan that is used for the purpose of purchasing a second property.
Frequently asked questions that can help you start your mortgage journey with us.
Contact Benson Mortgages specialist.
We offer a broad range of services to cater to different financial needs. Our services include residential mortgages for those looking to buy a home, refinancing for those who want to take advantage of better interest rates or terms, and transfers & HELOC for homeowners who want to leverage their home equity. We also provide private mortgages, 1st, 2nd & 3rd mortgages, reverse mortgages for seniors, commercial financing for businesses, and construction & land financing for developers.
A residential mortgage is a financial product that allows individuals to purchase residential property. The property is used as collateral for the loan, which is repaid over a specified period up to 40 years or interest only. The borrower makes regular payments to the lender, including the principal amount and interest.
A fixed-rate mortgage has an interest rate that remains the same throughout the loan term, providing stability and predictability for your payments. On the other hand, a variable-rate mortgage has an interest rate that can change over time based on market conditions. This means your payments could increase or decrease. The choice between the two depends on your financial situation, risk tolerance, and market expectations. There is also a variable rate mortgage with a fixed payment.
Refinancing a mortgage involves replacing your current mortgage with a new one, often with different terms or a lower interest rate. Refinance can be a good idea if you can secure a lower interest rate, and want to change the term length of your mortgage. You might need to access equity in your home in order to pay out debt, buy investment property or any other investments, pay for your kids' school or to renovate your home.
Secured Line of Credit is a type of loan that lets you borrow against the equity in your home. It works much like a credit line, where you have a credit limit and can borrow as much or as little as you need up to that limit. You only pay interest on the amount you borrow. It can be used for various purposes, such as home improvements, debt consolidation, or even to fund a business venture.
A private mortgage is a loan provided by a private entity or other financial institution, such as an individual or a business, rather than a traditional bank. People often choose private mortgages when they have unique financial circumstances that make it difficult to qualify for a traditional mortgage, such as being self-employed or having a less-than-perfect credit history. Private mortgages offer flexibility and can be customized to meet the borrower's needs. Private mortgages are used for the properties that do not meet banks criteria: land, properties under construction, agricultural properties, sub-divisions, etc
Latest news from the mortgage experts
Does Canada's Housing Market Have You Spooked?
How To Create A Functional Kitchen
COVID-19 Finance Guide and Options
Can You Get a Home Mortgage If You’re Self-Employed?
Difference Between a Mortgage Broker and a Lender
APPROVED: 5 Ways to Help the Approval of Your Home
How to Apply for a Mortgage After Bankruptcy
