Buying a Condo in Michigan

October 8, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Mortgage Banker, Michigan Mortgage Lender, Mortgage Preapproval, Mortgage Refinancing, Oakland County Mortgage Banker, Wayne County Mortgage Banker 0 Comments

Buying a Condo in MichiganWhen clients come to me expressing an interest in buying a condo here in Michigan, I usually run down a few important points. First, I discuss the various types of condos available. Determining what type of condo you want will help you to find the right community. Next, we discuss what it means for a condo community to be considered warrantable. This determines how much additional work will need to be done to get the mortgage approved, or if it can be approved at all. There is nothing worse than finding the home of your dreams, only to find out no one will give you a mortgage for the property. And finally, we talk about what type of mortgage is most appropriate for the client.

After having this conversation, the actual act of finding the right condo for you is very similar to finding a house. You find a Realtor who specializes in the areas you would like to live in, set a budget, and look at properties. You want to take special care in finding the right Realtor when looking for a condo, however, as you need someone who really understands the condo market where you want to buy. All communities are not created equal, and a good real estate agent can help you find the right community for you.

Once you find the right property and determine if it is warrantable or not, it is time to start the mortgage process. This is very similar to the process for buying a house. The only major difference is if you need to be accepted by the condo board; some communities require you to interview before you can own a home in the community. If this is the case, then you simply meet with the board, answer some questions, and await your approval.

If you have any questions about the process of buying a condo in Michigan or if you need a preapproval, please contact me. If you have anything to add about buying a condo in Michigan, please leave a comment.

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