Residential Purchase Loan

Residential purchase loans are typically a primary lien on the property that secures the mortgage. Usually if the loan-to-value (LTV) ratio of a first mortgage is greater than 80%, most lenders will require private mortgage insurance (PMI).

Usually the interest paid on the first mortgage is tax deductible. A first lien has priority over all other types of liens and will be paid out first in the event of a default by the borrower. Residential loans are paid back over time using monthly installments, which include a portion of the principal and interest payments.

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