Are mortgage rates for condos higher than for single-family

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Icon Mini Profile annecpcpi





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Post Posted: Thu Jan 29, 2009 3:39 pm    Post subject: Are mortgage rates for condos higher than for single-family
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Are mortgage rates for condos higher than for single-family homes?
Icon Mini Profile eric1
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Post Posted: Thu Jan 29, 2009 5:47 pm    Post subject:
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It really depends upon the lender. There are some lenders who are not funding condo loans in Florida or for condo complexes that have fewer than 10 units, etc etc

Something to consider is that with a condo you will typically have association fees which essentially increase your overall monthly payment. So, you could essentially afford to pay more for a single family detached residence than a condo.

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Post Posted: Thu Jan 29, 2009 8:26 pm    Post subject:
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Hi annecpcpi,

You can also check out http://www.mortgagefit.com/know-how/condorates-higher.html where your question has been answered by some community members.

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Post Posted: Sun Feb 01, 2009 6:20 pm    Post subject:
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You bet your sweet bippie! Less than 25% down and you get a .75 discount point hit or rate equivalent. And ... that's probably not enough and likely more lender addons. Don't listen to that friendly Realtor trying to pitch you a condo UNLESS it is what you need and want.
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