Financing Your Condo, Co-Op, or Townhouse by David Reed

By David Reed

Discovering a house, co-op, or townhouse to name house is demanding adequate, yet discovering financing to shop for this sort of estate is much more hard. As a veteran personal loan banker and writer of Mortgages a hundred and one, David Reed has helped millions of dealers via this complex approach. Financing Your condominium, Co-op, or Townhouse deals readers precious suggestion, together with details on developer financing, area of expertise loans, govt courses and refinance loans, streamlining the approval procedure, value determinations, remaining charges, and extra. Readers will realize: • the variations between condos, co-ops, and townhouses • how to define the perfect form of estate for them • the principles governing loans for condos, co-ops and townhouses • how to guage which mortgage variety is healthier and lock within the lowest  fee • why the proportion of owner-occupied devices is necessary • what to think about while deciding to buy new building or conversion homes • the monetary concerns particular to every form of domestic regardless of the estate, regardless of the question…this convenient consultant to financing has the solutions.

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Extra info for Financing Your Condo, Co-Op, or Townhouse

Example text

The buyer wanted to know how he got approved with such high debt-to-income numbers. The loan officer at the mortgage company said the approval was based on a no documentation loan. A no documentation loan means a loan where no income, no employment, and no debts are entered on the application. Debt figures aren’t calculated whatsoever. Voila! Loan approval. There was a catch: Mortgage rates on such loans are stratospheric, sometimes 2 or 3 percent higher than current mortgage rates. The higher rates help offset the risk of no documentation.

For instance, say you know you’re going to be transferred in four years and you want to own, not rent. You may want to consider a 5/1 ARM with a lower start rate than a fixed one. Your payments would be lower and you wouldn’t have to worry about a reset because, according to your plans, you would have sold the condo before the initial fixed-rate period expires. When you’re deciding between an ARM and a hybrid, you need to compare both programs over the projected time frame during which you would own the home.

The interest rate never changes and the amortization period lasts for 30 years. Perhaps the next most popular period is the 15-year loan. Other amortization periods are 10, 20, 25, and 40 years—and sometimes you’ll find a lender issuing a 50-year loan. Why the different periods? To some extent, to make it appear as though the consumer has a choice. It’s the same fixed-rate loan; just the payback period is altered. The question is, which amortization period is right for you? I don’t believe there is a “best” payback period.

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