What is a residential mortgage loan?
A residential mortgage loan is any loan primarily for personal, family, or household use that is secured by a mortgage or deed of trust as defined in the federal Truth in Lending Act, or residential real estate upon which is constructed or intended to be constructed a dwelling. Dwelling means a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile-home, or trailer, if it is used as a residence.
Related Questions
- Is a "lease with option to buy/lease to own" a residential mortgage loan as defined in the Michigan Mortgage Loan Originator Licensing Act?
- Is a "land contract" a residential mortgage loan as defined in the Michigan Mortgage Loan Originator Licensing Act?
- Does CMHC Mortgage Loan Insurance only apply to traditional single-family residential properties?
