Buying a condo- higher interest rates?
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Buying a condo- higher interest rates?
Posted by SCUBABlake on 5/3 at 6:45 pm
I'm a former agent, but dealt exclusively with single-family sales and property management, so my experience with the sale of a condo is zilch.

The lender told me that condo loans typically come with a higher interest rate. Can anyone tell me why that is? I have a good credit score (730-740) and they are quoting me 3.75%. I was hoping to get around 3%. Is this the norm?



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Posted by Mr.Perfect on 5/3 at 8:31 pm to SCUBABlake
Most condo associstions make it harder to approve because you are not handling the indurance. Also precent being rented out.


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Posted by Mr.Perfect on 5/3 at 8:34 pm to SCUBABlake
Higher risk.


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Posted by Mr.Perfect on 5/3 at 8:34 pm to SCUBABlake
Higher risk.


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Posted by JMTIGER85 on 5/3 at 11:05 pm to SCUBABlake
Plenty of banks got burned in the condo market. A condo is an undesirable piece of collateral. There are more factors, but lIke the poster above said. Higher perceived risk, means a higher rate.


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Posted by SCUBABlake on 5/4 at 1:16 pm to JMTIGER85
Thanks guys.

Just submitted my highest and best- cross your fingers!



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Posted by bryso on 5/5 at 7:57 am to SCUBABlake
Don't do it.


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Posted by I Love Bama on 5/5 at 9:10 am to bryso
quote:

Don't do it.



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Posted by ItNeverRains on 5/5 at 9:22 am to I Love Bama
High rises in downtown nashville are on fire. My client yesterday was quoted 2.85 on 15 yr from his credit union with 25% down. That's pretty good IMO.


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Posted by I Love Bama on 5/5 at 10:10 am to ItNeverRains
On fire huh? Sounds familiar.

If I can't own the land underneath on a fee simple basis, I dont touch it.

Besides,Franklin is where the players play.



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Posted by ItNeverRains on 5/5 at 11:05 am to I Love Bama
It's crazy market here. Pull up realtracs.com and check what condo's are selling for and renting for at ICON, Encore, & Adelicia for starters. Let me know when you need my services

quote:

Besides,Franklin is where the players play.


Two more 1M under contract in my hood last week. Feels good at 1000 less sq. ft but in at 575k


This post was edited on 5/5 at 11:08 am

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Posted by hawkeye007 on 5/6 at 9:20 am to SCUBABlake
3.75% on a 15yr or 30yr? on a 15yr that is way freakin high even for a condo..


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Posted by tigers444 on 5/6 at 1:36 pm to SCUBABlake
Do you mind saying what lender are you using in Dallas? Mine is quoting me around 4% for a condo. I'm still shopping around though.


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Posted by hawkeye007 on 5/8 at 2:55 pm to SCUBABlake
blake i might have a solution for you 3.25% fixed 15yr and i even have a 20yr rate for the unwarrantable condo..max ltv is 80% though..


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