Low Condo Mortgage Rates available from AFR
At American Financial Resources
our loan consultants are condo loan experts.
They understand the ins and outs of obtaining condominium mortgages across
the country. There are a few additional hoops you will need to jump through
to finance your condo purchase, or to refinance your existing condo home
loan, including obtaining a "condo questionnaire", or form outlining
information about the building that is important to the lender. The lender
will want to know how many of the units are occupied, how many are used
as rental properties, how financially secure is the property owners association
(which pays for the upkeep of common areas). In new properties they will
want to know how close to completion the project is, including common
areas. All of these details affect the value of your unit, and the likelihood
of the value increasing or decreasing.
Benefits of a purchasing a condominium
Many people enjoy living in a condominium rather than in a single family home or a rented apartment. A few of the reasons are outlined below:
- Reduced maintenance - When you own a condo you are only responsible for the upkeep of the interior of your property. Often times the landscaping, painting the exterior of the building, maintaining the lobby, pool, fitness center, or other common areas is all handled by property management. You may pay property owners association fees (or POA fees) to help pay for this maintenance, but you will share the costs with all of your neighbors. POA fees often include insurance on the property as well, but you may need to take out an additional policy to protect the contents of your home such as your furniture, appliances, and other personal possessions.
- Own your own home in a high cost area - In many cities and popular vacation destinations single family home prices are out of reach for many Americans, but condo prices may be much more reasonable.
- Smaller home size - For a single person, small family, or
empty nesters who don't want or need a lot of space, a smaller condo
may be just the right fit. Of course there are also condos available
in a wide variety of sizes, including those with multiple floors.
Request a Condo mortgage quote from American Financial Resources
Whether you are purchasing a unit or refinancing
a condo loan a condo loan, using the home as your primary residence
or a second home, have a large down payment or little
money to put down, we would love to help you find
the condo mortgage that is right for you. Request a quote for current
condo mortgage rates by giving us a call at 800-316-9508
to speak to a loan consultant right away!
10 Questions to Ask A Condo Board
Before you buy, contact the condo board with the following questions.
How many of the units are occupied?
What percentage of the overall project is completed? If not 100% complete, what is the schedule for completion?
What percentage of the common areas are completed? If not 100% complete, what the schedule for completion?
What are the owners association bylaws?
Is the project on HUD's list of FHA approved condominiums?
What are the property owners' dues, when are they due, and how are they collected?
What do the property owners' dues cover?
How financially stable is the property owners association? How much is kept in reserves, and what are funds used for?
What percentage of property owners are current on their dues? What is the process of collecting delinquent dues?
Are there any disputes going on currently?