Home Mortgage Loan & Financing for Buying a Condo in Denver

Home Mortgage Loan & Financing for Buying a Condo in Denver

Rising in popularity as early as the 1980s, the condominium, or condo is one of the newest forms of home ownership and like any home ownership, has its own individual advantages and disadvantages. Learn more about condos and how US Mortgages can help you purchase a condo in Denver.

What is a condominium?

In the most basic sense, condos are very similar to apartments, though they're built to a much higher standard than most apartment buildings. People who buy a condo share common areas like elevators, hallways and parking. However, condos are exclusively available to homeowners who purchase the unit, whereas apartments are often available only on a rental basis. Decisions are made about the common spaces that affect all tenants via meetings and many condos feature a governing board that condo owners can attend and voice their opinions at.

US Mortgages can help perspective homebuyers purchase a Denver condominium!

Condominium standards make qualifying for a condo loan difficult. Dissimilar to traditional loans where banks simply compare the borrower's finances and the value of the property, condo loans also require the condo association to meet certain standards to qualify. If the lender determines that the condo is not up to standard, the borrower can be denied for a loan, despite having perfectly fine credit.

Condo loans are known to have higher costs than standard real estate. In fact, the Federal Housing Administration, or FHA, will likely turn away applicants who show financial insecurities. US Mortgages will take pride in leading you through your Denver condo financing experience. When financing a condo, remember that it is similar to financing a home, in the sense that you receive a condo mortgage with your Denver condo.

What are the advantages and disadvantages of purchasing and living in a condo?

The lack of exterior maintenance is a good option for those with active lifestyles who prefer to fill their time with less yardwork and more interior lounging. Many condos are built as luxury facilities and contain everything from saunas to coffee shops all within the building. The disadvantage is that the cost per square foot can be considerably higher than other forms of home ownership. Contact US Mortgages to learn more about the Denver condo loans we offer to facilitate condominium ownership. Once you provide us your contact information online, we'll be in touch ASAP. Want faster answers? Give us a call!

Pre-Qualify In Minutes, With No Impact To Your Credit Score

With just some basic information, you are on your way to your new Home. In most cases, our agents will call you in a few minutes to get things started. In some rare events it could be up to 24 hours. We always try to call between 8am and 5pm MST, so we don’t disturb you after hours. If you would prefer we did call outside those ours, please just add in a note and we will be happy to oblige.

Why should I get pre approved for my home loan or refinancing?

Home loan pre approval in Denver simplifies the loan process. Preapproval allows a lender to see a full 360 degree view of the borrower's financial situation, enabling us to advise borrowers on all home loan considerations. This helps us identify which loan we offer is the best fit for the borrower. Prequalification allows borrowers to pursue the loan that's best for them and their financial situation.

How can I get ready for home loan prequalification in Denver?

Excellent question! A great place to start is by understanding what lenders look at. For the most part, lenders look at 4 things. The first is your FICO credit score which includes your payment history, credit utilization and the length of your credit history. The second is your income with respect to your monthly housing costs. The third is the number of current loans you have and their status. The fourth and final thing lenders consider is the percentage of the cost of the home you're looking to purchase that you can put as a down payment. Get ready for prequalification by understanding your status in these areas and identifying what you can do to improve them before buying a home.

About US Mortgages

US Mortgages has been securing mortgage pre approval in Denver for over 20 years. Let us know how to reach out to you, or give us a call today.

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Pre-qualification means one of our mortgage specialists will contact you. This does not represent an offer to enter into a loan agreement. Loans subject to credit and property approval. Normal credit qualifications and other terms and conditions apply. Not all loan products or terms are available in all states.