Refinancing Your Condo in Chicago
Posted by Helaine Cohen on
If you’re thinking about refinancing the mortgage on your condo, it’s not exactly the same as a single-family home. With a condo, you have two sets of loan guidelines.
The first applies to you specifically, while the other applies to the condo owners’ association. Your owner’s association becomes a third party in the loan refinancing process.
This is where your neighbors come into play. You won’t want many non-owner occupied rental units or foreclosures in your complex.
It’s also important that your association’s financials are in relatively good shape. The lender will likely require a condo questionnaire that takes these things into account.
Another thing to consider is the amount of equity you have, which is usually determined by an…
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