Seattle Condo Mortgage FAQs

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 identical, and you can get mortgage quotes from any reputable lender in person or over the Internet.

Will I pay a higher interest rate for a high-rise?  Typically you will.  Banks find high-rise condo mortgages to be riskier than single family homes, and so they reflect that in slightly higher interest rates.  You can expect to pay up to a quarter percent more than you would for a single family home.

What are Non-Warrantable Condos? Basically a non-warrantable condo is a unit in a new building that isn't 50% to 70% pre-sold.  Banks want to be sure that the property is marketable and that the price per unit doesn't plummet if only a few are sold.  The risk is higher for non-warrantable condos and you will end up paying a higher interest rate, so be sure that you know if the building's status before you make an offer.

How can I find a mortgage broker who specializes in Condos?
Most mortgage brokers can write loans on condos, but to find one that specializes in them you should consult your Realtor.