When purchasing a new home, determining what type of home is best for you is very important. Financing a condo can be an excellent option for buyers who don't require as much space and want a convenient, low-maintenance home.
Generally at a lower cost than a single-family home, condos have association fees to consider; however, these fees provide you with many amenities and services, like shared pool, spa or gym areas, coverage of utilities, like air conditioning or cable, trash removal and more.
When looking to buy a condominium, it's important to consider the purchase price, mortgage rate, and association fees in your total purchasing budget. In a monthly budget breakdown, be sure to consider what your utilities costs will be.
Don't let yourself get caught up in the complexities and terminology of home loans, mortgages, interest rates and insurance; American Financing has the resources and dedicated staff to walk you through the entire purchasing process.