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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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