Understanding mortgage rates associated with buying a condo

By: AZ Big Media 

Purchasing a condominium is often the choice of people who place a high value on convenience. Getting that convenience means you may have to deal with extra challenges when it comes to qualifying for a mortgage.

What is a condominium?

Condominiums are individual units within a community living complex. They often look like apartments, however instead of renting you own your private condominium. Common areas throughout the complex like pools, lounges, tennis, and basketball courts are collectively owned by all the complex’s residents through a homeowner’s association (HOA).

Condominiums are often popular in cities with high property values. They are a great option for potential homebuyers who cannot afford a single-family home and for people looking to downsize later in life. Condominium complexes also offer conveniences that might be difficult for an individual to afford on their own like swimming pools and regular maintenance.

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