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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 condo

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, 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!

Additional Resources:

Condo Financing