Are You Looking to Finance a Condo?

Homeowners get tired of the responsibilities involved. Hudson Tea1First it’s a leaky roof. Then it’s a plumbing problem of mysterious origin. The last straw is usually when the septic system backs up. Finally, you realize that moving into a condominium and sharing the responsibilities of your “home” with others could solve most of your problems.

Originally, condos were apartments that were converted into permanent living units with owners sharing.   

Before buying a condo, investigate the reserve fund. Most condos have a Board to collect fees and keep records. You can request information directly from them about: a) how much cash is in the reserve fund; b) costs of scheduled repairs and maintenance; and c) any special rules or bylaws that the condo board has passed. If you find all the conditions agreeable, you may want to buy.

You’ll go through the same process to finance a mortgage for a condo as you would for a house purchase loan. Paperwork and mortgage rates will be identical, and you can get mortgage quotes from any reputable lender in person or over the Internet.

Condominiums offer an equivalent living space to that of a single-family home, but without the worry of bank account-shattering repairs. Once you find a condo that you like, find a comp and introduce yourself to your new neighbors.

For more interesting information please go to The Truth About Loan Modification.

Allow me to help you find the home of your dreams Contact Eddie Perez at (201) 344-2886, www.investhoboken.com.

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