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Financing your condo, co-op, or townhouse
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Financing your condo, co-op, or townhouse
Preface
Condos, Co-ops, and Townhouses: How Are They Different and How Are They Similar?
CONDOS
High-Rise, Mid-Rise, and Low-Rise
One- to Two-Unit Condos
Condominium Conversions
Condotels
Common Areas
CO-OPS
TOWNHOUSES
THE LIFESTYLE
THE HOA
LAWSUITS, FEES, AND HOAs
What to Look for in a Property and How to Find the One That's Right for You
USING A REALTOR
BUYING FROM A DEVELOPER
Financing Your Condo, Co-op, or Townhouse the Right Way
FIXED-RATE MORTGAGES
Different Amortization Periods
Prepayments
ADJUSTABLE-RATE MORTGAGE
THE HYBRID
OPTION ARMs AND NEGATIVE AMORTIZATION
HOW MORTGAGE RATES ARE SET
HOW LENDERS SET THEIR RATES
TYPES OF MORTGAGE LENDERS
Retail Bank
Credit Union
Mortgage Banker
Mortgage Broker
Correspondent Lender
Online Lender
HOW TO FIND THE BEST LOAN OFFICER
HOW TO FIND THE BEST RATE
Hold Your Ground
Get Quotes at the Same Time of Day
Quoting with Points
Validity
Origination Fees
Aggregator Sites
FACTORS THAT CAN AFFECT YOUR RATE QUOTE
Credit Score
Down Payment Versus Sales Price
Subordinate Financing
Occupancy
HOW TO CHANGE MORTGAGE COMPANIES MIDSTREAM
HOW TO LOCK IN THE MORTGAGE RATE
DEBT RATIOS AND HOW LENDERS CALCULATE THEM
Specialty Loans, Government Programs, and Refinance Loans
INTEREST ONLY
EQUITY
NO MONEY DOWN
GOVERNMENT BOND PROGRAMS
PORTFOLIO
REFINANCING
Dropping Rates
Changing the Term
Pulling Cash Out
Refinancing Multiple Loans
GOVERNMENT PROGRAMS FOR CONDOS AND TOWNHOUSES
VA Loans
FHA Loans
DOWN PAYMENT ASSISTANCE
Rules Governing Loans for Condos, Co-ops, and Townhouses
WARRANTABLE VERSUS NONWARRANTABLE PROJECTS
The Impact of Credit on Your Ability to Buy a Condo, Co-op, or Townhouse
CHECK YOUR CREDIT FIRST
FIND OUT YOUR CREDIT SCORES
Payment History
Available Credit
Length of Time You've Had Credit
Credit Inquiries
CREDIT SCORE FACTS AND FALLACIES
CREDIT SCORES AND QUALIFYING
REPAIRING CREDIT
ALTERNATIVE CREDIT
BANKRUPTCIES AND CREDIT
SUBPRIME MORTGAGE LOANS
Closing Costs: What They Are and How to Negotiate Them
APPRAISAL
CREDIT REPORT
APPLICATION FEE
TAX SERVICE
FLOOD CERTIFICATE
LENDER FEES
MORTGAGE BROKER FEES
SETTLEMENT OR CLOSING FEE
TITLE INSURANCE
DOCUMENT FEES
HOA FEES
ATTORNEY FEES
COURIER FEES
GOVERNMENT FEES
PREPAID AND NONPREPAID ITEMS
GOOD-FAITH ESTIMATE
USING THE ANNUAL PERCENTAGE RATE TO COMPARE LENDERS
NEGOTIATING CLOSING COSTS
FEES AND REFINANCING
NO-CLOSING COST MORTGAGE
APPENDIX: Monthly Payment Schedules
EXAMPLE
GLOSSARY
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