While most condominiums are apartments, a townhouse is attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes. Buyers separately own their homes and the land on which the houses sit. With a condominium, the unit owners jointly own the land and this common …
Experts Define How Condominiums Differ from Townhouses Read More »
It protects them should you default on the loan, especially if you fail to make payments in the early years of the loan when more is owed on it. Foreclosure, property fix-up, and resale costs could result in a loss on the mortgage loan. That is a bad situation the lender wants to avoid. So …
Expert Insights: Why Do Lenders Require a Down Payment? Read More »
Cooperative apartments—known as co-ops—are not really owned by people as real property. Instead, people own shares of stock in the company that owns the building in which they live. But for all practical purposes, the experts say owning a co-op is almost like owning real property. Personal loans to “buy” a co-op apartment are written …
You would think not since it is new and the developer has to adhere to local construction guidelines. However, err on the side of caution—always hire an inspector, whether the home is old or new. You can ask the builder to provide copies of any inspection reports on the property, architectural plans, surveys and pertinent …
Expert Insights: Should I Hire a Home Inspector for a New Home? Read More »
A lot will depend on the length of time you plan to live in the home, other financial obligations, and potential savings gained from comparing the monthly costs of a home against the upfront costs and closing costs involved with a particular loan. Also, you will need to be comfortable with whatever choice you decide …
Expert Insights: What’s the Best Way to Choose a Home Loan? Read More »
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