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 CONDOMINIUM
OWNERS SAVE WITH OUR LOW MORTGAGE INTEREST RATE LOANS!
Buying
a condo is like a buying a single-family home that sits inside a
building. You own the apartment plus a percentage of the
building's common areas.
Condo
buildings have monthly "common charges" to cover
building-wide services (management, door staff, plumbing,
roofing, common walls) but these charges are usually much
smaller than co-op maintenance charges.
Condo
buildings have associations but they cannot veto sales or
rentals-making condos very attractive to investors.
Condos
are usually more expensive than co-ops-there are fewer of them
and there's a high demand. Lending banks are lenient about
condo
buildings-if you borrow 75% or less of the price of your condo,
a lender won't review the building's finances, and all banks
accept completed condo buildings that are 90% occupied. Since a
condo is "real property", your loan is a mortgage
secured by the apartment itself.
Closing
costs are higher for condos than for co-ops… 2% - 4% of the
loan, as opposed to the flat $1500 closing cost for a co-op.
Mortgages
for condos carry about the same low rates as for single-family
homes. With Best Quotes as your partner, we will find you the
best rate for your specific needs… and you can lock it in when
you apply for your loan.
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