Learn about purchasing or refinancing a condo

Mortgage loans for condominiums are not as straight forward as purchasing a residential home. It is important if you are exploring purchasing or refinancing a condo that you make certain to have all of the development details available for your lender. This is especially important if you your lender is selling this loan on the open market as an agency loan or to another direct lender. The lender will want to know most of the following information:

• If there are multiple phases in the development
• What percentage of the development is completed
• Whether or not there are common grounds
• How many stories the condo unit is
• Whether or not it is attached to other units
• If the development has a blanket insurance policy

Be certain you address these issues way before your property is scheduled to close and make certain your lender has cleared these items from there underwriting list so you don't have any last minute surprises.

12-02-2007 © LoanNetwork.com

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