A mortgage is a loan that is used to purchase a property. The property serves as collateral for the loan, and the borrower makes regular payments to the lender until the loan is fully repaid. The lender is granted a mortgage over the property which secures the loan.

A: A: To qualify for a mortgage, you will typically need to have a good credit score, a stable income, and a down payment. Lenders will also consider your debt-to-income ratio and your overall financial situation. Lenders will conduct credit check and verify the income and employment status of the borrower to ensure that they can repay the loan.

A fixed-rate mortgage has an interest rate that remains the same for the entire term of the loan, while an adjustable-rate mortgage has an interest rate that can change over time as per the market conditions and the terms of the loan. Borrowers have the option to choose between a fixed-rate or floating-rate mortgage.

The amount you can borrow for a mortgage will depend on your income, credit score, and the value of the property you are purchasing. Lenders typically require a down payment of at least 5-20% of the purchase price. Lending limits are also set by the central bank.

 Pre-approval for a mortgage is a process where a lender evaluates a potential borrower's financial situation and provides them with an estimate of the amount they are eligible to borrow before they begin looking for a property. This pre-approval process allows the borrower to have a better understanding of their budget and can make the property search process smoother as they have a clearer idea of what they can afford. This also helps in making a stronger offer when they find their dream property, as they can prove that they are a serious buyer with the financial means to follow through on their purchase.

Yes, you can refinance your mortgage to lower your interest rate, change the terms of your loan, or access equity in your home. However, it's important to consider the costs and benefits of refinancing before making a decision. Borrowers need to seek the lender's consent before refinancing, and the lender may also conduct credit and income check before approving the refinance.