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Residential Mortgage Financing refers to the process of obtaining a loan from a financial institution to purchase a home or property. This type of financing typically involves the borrower pledging the property as collateral for the loan. The terms of the loan, including interest rate, repayment schedule, and loan amount, are agreed upon between the borrower and the lender. Residential Mortgage Financing allows individuals to become homeowners by providing them with the funds needed to purchase a property.