Is It Harder To Get A Loan For Land – Why Are Condos Harder To Get A Mortgage
Is It Harder To Get A Loan For Land – Tips For Finding The Best Company
Are you curious about knowing what the seller paid for the property? Does the lender that is involved in the transaction need to know what the seller really paid for the property? Well this video is the perfect video just for you! In this video we will go over the burning question of “Why
are Condos Harder to get a Mortgage?”
Now this is quite a common question I get from my clients, and let me tell you, it’s
surprisingly a simple one.
So although there are a lot of confounding and ambiguous reasons why condos are
harder to get with a mortgage the main, and most foremost reason is the fact that you
only own the inside of the ondo, and not the outside.
This ultimately leaves the HOA, or Homeowners Association to decide what they want
to do with the exterior. Now although seemingly unproblematic, if there happens to be
things like pending lawsuits, poor maintenance, or mismanaged money, it could be a
giant risk for a lender like us because we have to hope the HOA does not bring down
the value of the condo or drive the borrower out somehow.
Now by no means am I trying to discourage you from buying a condo, but i do want to
emphasize the riskiness that condos bring to the table instead of a house.
So hopefully that wasn’t too much, watch the rest of the video if you want a more in-
depth analysis on why are condos harder to get a mortgage. Oh and one more thing
while you’re down here, go ahead and hit that subscribe button and turn up notifications
as I release 2 new videos a week that you won’t want to miss out on. Stay tuned, for I
will be the first to update you on any changes or modifications that there will be on
forbearances and other changes related to COVID-19. My goal is to help you
understand how to obtain mortgage(s) to help grow your portfolio!
Also check out our playlists that feature various topics about homebuyer’s tips that will
help you grow both as a homeowner and on a consumer/producer level. If you’re
seeking more information on specific topics that follow, check out our specific playlists
that follow up on topics like, Down Payments, Interest Rates, and more!
Have any questions? Feel free to drop a question down in the comments on one of our
videos or contact me and my team anytime at www.loanwithjen.com Equal Housing
Opportunity Lender NMLS #514497
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