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How Buying Condo Type Effects Your Rate

Are you buying a Condo? If so, there is a ton of information you will need to know before reaching an accurate interest rate quote from your lender. This situation often confuses the condo buyer because there is a lack of communication between the seller and the Listing Agent.

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Most lenders wait too long to ask about the Condominium, so let me save you the trouble by sharing the list of questions:

  1. Is the Condo a Hi-Rise? ( Over 4 -stories) or Standard (Under 4 Stories)
  2. What is the Owner Occupancy Ratio, ( How many Owners vs. Non-Owners? in the Project)
  3. Was this Condo a Conversion (Once an Apartment) or was it built as a Condo?
  4.  Is the Condo under litigation? If yes, What Type of Litigation? ( Who is Suing Who?)
  5. What is the HOA Default Ratio in the Complex( How Many Homeowners are NOT making their Payments on time?)

Are you buying a Condo? If so, there is a ton of information you will need to know before reaching an accurate interest rate quote from your lender. This situation often confuses the condo buyer because there is a lack of communication between the seller and the Listing Agent.clicking here