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Residential mortgage loans are financial products that individuals use to finance the purchase of homes or residential properties. These loans are secured by the property itself and feature long repayment.
Lenders assess applicants based on factors such as credit history, income stability, and the property’s appraised value to determine eligibility and loan terms, including interest rates and repayment schedules. Borrowers can choose between fixed-rate mortgages, where the interest rate remains constant throughout the loan term.
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