Condominium Mortgage Loans
If you're trying to decide between purchasing a single-family home or a condominium, consider this: buying a condo is not much different from purchasing a traditional home. Whether it's your primary residence, a second home to be used on vacations, or the home you plan on retiring to, a condo could be an excellent choice. Condos offer many benefits including low-maintenance home ownership, affordability, and smaller home size.
In many ways, financing a condominium is similar to getting a mortgage on a single-family detached home. However, some features specific to condominiums are reviewed during the loan process. That's why it's important to work with someone experienced in this area. Our mortgage team knows the right questions to ask and what to look for to ensure your mortgage loan goes well from start to finish.
Whether you want a condo as your primary residence or a second home, Redstone offers low-rate condominium financing and a wide variety of mortgage programs to choose from.
- Various terms available
- Fixed and adjustable rate mortgages
Benefits of Purchasing a Condominium
Condominium ownership brings with it some of the benefits of owning a home, plus some of the benefits of renting an apartment.
- Reduced Maintenance: One of the biggest benefits to living in a condo is that other people do the exterior maintenance for you. Since association fees cover the exterior and many of the expensive components of the structure, your maintenance responsibility is limited to the interior of dwelling. If you're a first-time homeowner, busy with work, like to travel, or you just don't want to deal with all that work, this is a major benefit to living in a condo.
- Affordable: Condominiums can also make owning a primary residence or vacation home more affordable. Condos are often priced lower than single-family homes. They can also be a more reasonable way to own a home in popular vacation locations where single-family home prices are high.
- Smaller home size: For a single person, small family, or empty nesters who don't want or need a lot of space, a smaller condo may be just the right fit. Of course, condos are also available in a variety of sizes, including those with multiple floors.
Considerations for Condominium Ownership
You know you want to own a home. However, you may ask the question: should I buy a condo or single-family house? Be sure to consider the following:
- Location – Where do you want to be? Are there options for both condos and single-family houses in this area?
- Privacy – Is it important to you to have complete privacy or do you find close neighbors to be a comfort?
- Responsibility – Do you need total control over decisions affecting your home or are you attracted to the idea of sharing decision-making with your neighbors?
- Maintenance – Are you a homebody who enjoys getting dirty in the yard or are you delighted with the idea of never having to cut a blade of grass again?
- Budget – How much do you have to spend? Depending on where you want to live, a condo may be the only option that meets your budget.
There are benefits to owning a condominium. However, if you decide a single-family house is better for you, we have mortgage options to help with that too!
Easily apply online, over the phone, or in person by scheduling an appointment at 256-882-8500.
Please note, in addition to the borrower qualifying for the loan, we must also qualify the condo as acceptable collateral. Unfortunately, certain condo projects are not acceptable for financing. These generally are invested-related properties. Please contact us if you have questions regarding the eligibility of a condo property.