Great Choices to Finance Your Condo
When searching in earnest for a Chicago condo or suburban Chicago condo, an important early step is to discuss your financial situation with a lender and get pre-approved. Unless you have cash to pay, you’ll have to finance a portion of the condo purchase, and you’ll need a bank or other lender to provide this. Don’t worry. The vast majority of condos, townhomes, single family homes and other real estate purchases have been financed this way for generations.
As part of the process to see if you are eligible to finance a condo, the lender will ask questions about your income, debt, savings and other topics. This will hopefully lead to a pre-approval, which is a commitment by the lender to extend a loan to you up to a certain dollar amount. Why do you need this pre-approval? Because when you are shopping for a Chicago condo or suburban Chicago condo, the pre-approval shows condo sellers that you are actually able to buy a condo.
At OwnACondo.com, we like to say that having a pre-approval helps open doors for you when shopping for real estate. It demonstrates that you are serious.
When you finance a condo, you enter into a loan agreement with the lender. You then have a mortgage, which you pay in installments each month. How much you pay each month depends on a combination of many things, including:
- The price of the condo
- How much money you can put down to begin
- The lending interest rate at the time
- Private Mortgage Insurance (PMI), if applicable
As you’d expect from OwnACondo.com, the best place to buy and sell condos, we have resources to help you finance a condo. These resources are our preferred lenders (left).
Thanks to our many years in business, as well as the thousands and thousands of buyers and sellers we have served over that time, OwnACondo.com’s preferred lenders know your needs and they know the requirements of condo lending. We’ve partnered with these lenders because of what the programs they offer to our customers, their service and their responsiveness.
You are certainly more than welcome to explore other lenders of your choice to finance a condo, but feel free to call upon our preferred lenders for great rates and programs to match nearly any individual situation.