Phoenix Condo Mania

Condo Buying Basics

How much will my monthly payment be?

Your lender can help you with this calculation.  However, you can also get a rough idea by using a mortgage calculator - there are plenty online.  To use a calculator, you'll need to know the interest rate of the loan, taxes, and insurance.  Don't forget to add in the homeowner's association fee, which can be significant for condos! Here's information about what is included in your mortgage payment.

What is a Credit Score?

Your credit score is a numerical value that attempts to quantify the credit risk for lenders. It is based on your credit payment history, your outstanding debt, and current credit limits among other factors. Your mortgage specialist can help you determine your credit score, or you can get it yourself at www.AnnualCreditReport.com (you’ll pay a nominal fee to obtain the credit score). Your credit score will determine the interest rate you’ll pay on a loan, so it is an important piece of information for both you and your mortgage specialist to know.

What is a Mortgage?

A mortgage is simply an amount of money a lender loans to you to buy a condo, townhome or single family home. The loan will have certain terms, such as the amount of time you have to pay back the loan, the interest rate on the loan, and if that interest rate may change over the life of the loan. Your interest on the loan can be set at either a FIXED rate or it can change over time, usually once a year, known as an ADJUSTABLE rate.

What should I do first?

Find your real estate buyer's agent!  Your real estate agent can help you assemble your team - your lender, your escrow officer, your inspector and others.  If you're looking for a condo or townhome specialist to help you navigate the entire buying process, contact us!

 

 

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The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.

Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2018-11-18 06:32:04