A residential mortgage is a loan taken from a bank or lender to buy a house or apartment that you plan to live in, with the property acting as security for the loan.

It works by choosing a home and applying for a mortgage with a lender, who checks your income, credit history, and ability to repay. If approved, they give you the loan to buy the property, and you repay monthly, covering both the borrowed amount and the lender's fee.

Common types of residential mortgages include Fixed-Rate Mortgage, Adjustable/Variable-Rate Mortgage, and Government-Supported Loans. Benefits of a residential mortgage include ownership without paying the full amount upfront, flexibility with different loan terms, and long-term financial security. To make the most of a residential mortgage, consider factors such as down payment, credit score, and budgeting.

A residential mortgage opens the door to homeownership for millions of people, and by understanding how mortgages work, comparing options, and planning finances carefully, you can find the right loan that fits your needs and start building your future in your new home.