Financing a Philadelphia Condo

Before buying a condo, investigate the reserve fund. Most condos have a Board to collect fees and keep records. You can request information directly from them about: a) how much cash is in the reserve fund; b) costs of scheduled repairs and maintenance; and c) any special rules or bylaws that the condo board has passed. If you find all the conditions agreeable, you may want to buy.

You'll go through the same process to finance a mortgage for a condo as you would for a house purchase loan. Paperwork and mortgage rates will be similar, although sometimes high-rise condos are at a slightly higher rate. You should be able to get mortgage quotes from any reputable lender in person or over the Internet.

Be sure to check out the renter situation at the condo building before you make an offer.  Some lenders will charge you a higher rate, or decline you outright, if the number of owner-occupied units is too low.

Condominiums offer an equivalent living space to that of a single-family home, but without the worry of bank account-shattering repairs. Once you find a condo that you like, find a competitive mortgage rate loan and introduce yourself to your new neighbors.