Why a Condo’s Finances Can Matter Almost as Much as Yours When Getting a Mortgage
When applying for a mortgage, buyers expect their income, credit, debts, assets, and employment to receive plenty of attention. Condo buyers can encounter another layer that sometimes comes as a surprise. Depending on the financing being used, the financial and operational condition of the condominium project itself may also matter. You Are Buying More Than the UnitA condominium purchase usually includes ownership of an individual unit along with an interest in shared areas and responsibilities. Those shared responsibilities are typically managed by a condominium or homeowners association. The association may collect dues, maintain common areas, purchase certain insurance coverage, fund…