Residential mortgage lending

Residential mortgage lending involves providing financing to individuals to purchase or refinance a home. A lender offers a loan amount, which the borrower agrees to repay over time with interest. Typically, the property itself serves as collateral, meaning if the borrower doesn't repay, the lender can take ownership through a process called foreclosure. The lender assesses the borrower’s financial stability, credit history, and the property's value to decide on loan approval and terms. This process allows people to afford homes they might not be able to pay for upfront, making homeownership more accessible.