As you make your own condo vs. townhouse comparison, be sure to assess your own needs and get all the information necessary to make an informed decision.Take the first step and get preapproved Footnote 1Opens overlay Start Online Have questions? Connect with a home lending expert today! Find...
Flexibility to relocate:An apartment is a good option if you don’t plan to stay in a particular area long-term. For instance, if you’re only planning to live in a city for a year or two before moving, renting is probably smarter than tying yourself to a mortgage. ...
If you’re ready to comparecondo mortgage rates, it’s important to also weigh the benefits and drawbacks of the lifestyle, not just the price you’ll pay to move in. Here are some top things to consider. Pros Lower-maintenance living:Since most, if not all, exterior maintenance on con...
so reserves are becoming very important with the mortgage crisis that has occurred with banks,” Clark says. “Lending institutions want to make sure that people can afford not just their mortgage, but afford their maintenance fees and any potential special...
There is a forth type of loan that are variable rate loans which are pegged to the lending bank’s internal board rates. Because those are unpopular and less transparent, we will not go into it. Here is a simplified example to show the comparison of the 3 types of l...
Fees:In addition to your monthly mortgage payment, there will likely be a monthly fee to cover amenities, maintenance, insurance and reserves, which tend to increase over time. Investment risk:If a fellow condo owner goes into foreclosure and their unit changes hands at a steep discount, for ...
Condo insurance, or an HO-6 policy, provides financial protection similar to a homeowners policy, but with some key differences.