Archive for the ‘Finance A Condo’ Category

Financing Your Condo

Tuesday, May 5th, 2009

Financing your condo in these turbulent financial times can either be a tremendous struggle or a piece of cake.  It all comes down to turning to the right financing source. Financing your condo starts with evaluating exactly what you’re looking to get out of the transaction.  Are you looking to refinance your condo? Are you doing a straight purchase of the condo?  I’m going to assume this will be for the purchase of your condo.

When you finance your condo, the condo lender will be looking to know a number of things.  First, what is the contract price for the condo and how much money are you putting down for the purchase.  They will then send an appraiser to check the value of the condo to see if it is at least the same amount of money you’re paying for it.

If the appraiser comes back and says the condo is not worth the contract price you have a problem.  The next step is to either come in with more money down or you’re going to have to get the condo seller to come down on his price.  Most sellers don’t like this obviously.  But in today’s market, the sellers have to be realistic.  The prices and values of real estate in general has come down and many sellers have to bite the bullet.  In this transition period of depreciation, many sellers just can’t accept the fact and you’ll find many deals will go south because the appraisal will not fit the contract price.

Who do you finance your condo with? There are many condo lenders in the market place but few specialize more than FinanceACondo.com.  They are equipped to finance any condo situation because that is all they do, they finance condos.  At FinanceACondo.com you’ll find tons of resources and financing tips along with phone numbers of lenders you can call on the spot.

Financing your condo doesn’t have to be painful.  Choose the right condo lender and stay with it.  Keep asking the right questions, do your research and before you know it, you’ll own your own condo.  If you do happen to close and you need condo insurance, a great website to insure your condo would be InsureACondo.com.  They’ll help you with all your insurance needs.

Own, Finance or insure your condo.  What one do you need help with?

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Finance A Condo

Saturday, May 2nd, 2009

When you finance a condo, it’s important to look at several alternatives in today’s market place.  Did you think about the seller financing your condo?  Condo financing came be tough in today’s financial market and so many sellers are sitting with product unsold, that one of the alternatives is to get the condo seller agree to financing the condo of your dreams.

There are so many ways to finance a condo.  There’s a company in Chicago that specializes in the selling and financing of condos; OwnACondo.com.  One of their pages in their website is dedicated to financing.  To go directly to the page, go to “FinanceACondo.com”.  The process of financing a condo starts with finding out the different programs a lender has.  Many programs allow for a low down payment, but possibly a higher interest rate. 

The condo lenders will take many things into consideration when lending you money to buy your condo.  How much do you have for a down payment, how much debt, including credit card debt do you have, how much money to you make monthly, how long have you been on the job and what your credit score is are all different things banks will analyze when considering giving you a condo financing loan.

One of the main things a lender will look at is your monthly income versus the monthly payment for the condo loan.  Let’s say you make $50,000 a year.  When you divide that by twelve months you get an average monthly income of about $4,000.  The bank is going to make sure your monthly payment to them is no more than 33%-41% of the monthly income depending on the financing program.  So if the loan payment was about $1250 a month, this ratio would work because it fits between the banks guidelines.  They’ll look at several things as detailed in this writing, but this one is big.

Obviously the more money you put down, the less risk a bank has.  Make sure you try to get as much money down.  This will allow for a lower payment each month resulting in easier payments.  Make sure when you finance a condo, you prepare for a worse case scenario so you can afford your condo in the future.

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Finance A Condo

Saturday, April 25th, 2009

Today’s real estate market has left some concerns regarding the ability to finance a condo. Rest assured that any one of the preferred lenders listed on the OwnACondo.com website have programs that make the process simple if you are looking to finance a condo.

Purchasing a condominium allows you to take advantage of all today’s real estate market has to offer. President Obama’s economic stimulus program has allowed a tax credit of 10% of the purchase price, up to $8000 for first time home buyers. And the best part of the tax credit, it is exactly that a tax credit and is not a loan or grant that would need to be repaid at a later date.

Another great advantage of today’s real estate market is the mortgage interest rates. They are at an all time low. And the OwnACondo.com preferred lenders have made the process to finance a condo easy. If you would like more information about how to finance a condo or to find out if you can qualify for a mortgage on a condo, feel free to contact one of our preferred lenders: Cherry Creek Mortgage, Compass Mortgage, Open Mortgage or Platinum Mortgage. The road to investing in a condo begins with a phone call to find out if you qualify.

It is commonly heard that today’s real estate market is what is called a buyer’s market. This means that there are more homes and condominiums available for sale than there are buyers. And home prices have dropped slightly from a few years ago, making homeownership even more affordable. Finding the condo of your dreams has never been easier. Why pay rent when for a similar amount of money per month you can live the American dream of owning your own home.

Working with a Condominium Specialist of OwnACondo.com, you get a knowledgeable and friendly realtor who knows the ins and outs of today’s real estate market. Your condo specialist will help you determine a good value for your money with all the amenities that are important to you and your family. Call us today and find out first hand why OwnACondo.com is not only the best place to buy and sell condominiums but we are your condominium resource. We can put you in contact with one of our preferred lenders that will help you in determining if you qualify to finance a condo. We look forward to working for you!

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