There are many items you should be aware of before buying a condo, in my opinion the 5 most important ones from a financing perspective are included in these slides.
This document contains Marbel Rodriguez's timesheet for the week of November 8-14, 2010. It shows her job title as Veterinarian in the Veterinary department. It lists her daily work hours and calculates her total hours worked that week as 41.75 hours. At her hourly rate of $32, it calculates her total hourly pay as $1,341.33.
This document introduces "paper slide" videos, which are student-created videos that use paper pictures and drawings as visuals with off-camera narration. They are meant to showcase student learning. The document provides examples of paper slide videos and guides students through creating their own by selecting a topic, writing a script, finding or creating visuals, rehearsing, recording in a single take with no editing, and publishing the video online or on the school website. Students are then prompted to make their own paper slide video.
projekt202 is a design firm that believes great design can improve the world. They have exited the Information Age and entered the Design Age, where customers now expect intuitive experiences. projekt202 designs, builds, and markets software solutions across multiple industries to profoundly impact the world. They have over 100 employees across several international studios and offices. Their process involves in-depth design research, data analysis, iterative design and development to ensure successful outcomes for clients.
Larissa is an 11-year-old girl from Brownsville, Texas who wrote an autobiographical essay describing her favorite things such as music by Justin Bieber and Lady Gaga, movies like Twilight and 27 Dresses, colors like neon shades of pink and green, and hobbies like playing drums and listening to music. She concludes by listing places she has visited including cities in Texas and Hollywood.
The document discusses 8 common mistakes people make when applying for a mortgage. These include excessively transferring money between bank accounts, over-estimating income, not knowing your credit score, looking at properties outside your price range, tight timelines, being unprepared with paperwork, and limiting mortgage options. The author recommends working with a mortgage broker to avoid these issues and ensure the strongest possible mortgage application.
Mortgage Documents Required For A Mortgage ApprovalMortgage Girl
Wondering what kind of documents you will have to provide in order to get a mortgage approval? Read this and find out the most commonly requested documents.
The document summarizes common mistakes made by first-time home buyers and tips to avoid them. The top 5 mistakes are: 1) Not asking their lender enough questions to get the best mortgage deal. 2) Not making a quick decision, allowing other buyers to purchase the home first. 3) Not finding the right real estate agent to guide them through the process. 4) Not making their offer appealing to sellers. 5) Not considering resale value when choosing a home since first-time buyers typically stay in a home for only 4 years.
This document contains Marbel Rodriguez's timesheet for the week of November 8-14, 2010. It shows her job title as Veterinarian in the Veterinary department. It lists her daily work hours and calculates her total hours worked that week as 41.75 hours. At her hourly rate of $32, it calculates her total hourly pay as $1,341.33.
This document introduces "paper slide" videos, which are student-created videos that use paper pictures and drawings as visuals with off-camera narration. They are meant to showcase student learning. The document provides examples of paper slide videos and guides students through creating their own by selecting a topic, writing a script, finding or creating visuals, rehearsing, recording in a single take with no editing, and publishing the video online or on the school website. Students are then prompted to make their own paper slide video.
projekt202 is a design firm that believes great design can improve the world. They have exited the Information Age and entered the Design Age, where customers now expect intuitive experiences. projekt202 designs, builds, and markets software solutions across multiple industries to profoundly impact the world. They have over 100 employees across several international studios and offices. Their process involves in-depth design research, data analysis, iterative design and development to ensure successful outcomes for clients.
Larissa is an 11-year-old girl from Brownsville, Texas who wrote an autobiographical essay describing her favorite things such as music by Justin Bieber and Lady Gaga, movies like Twilight and 27 Dresses, colors like neon shades of pink and green, and hobbies like playing drums and listening to music. She concludes by listing places she has visited including cities in Texas and Hollywood.
The document discusses 8 common mistakes people make when applying for a mortgage. These include excessively transferring money between bank accounts, over-estimating income, not knowing your credit score, looking at properties outside your price range, tight timelines, being unprepared with paperwork, and limiting mortgage options. The author recommends working with a mortgage broker to avoid these issues and ensure the strongest possible mortgage application.
Mortgage Documents Required For A Mortgage ApprovalMortgage Girl
Wondering what kind of documents you will have to provide in order to get a mortgage approval? Read this and find out the most commonly requested documents.
The document summarizes common mistakes made by first-time home buyers and tips to avoid them. The top 5 mistakes are: 1) Not asking their lender enough questions to get the best mortgage deal. 2) Not making a quick decision, allowing other buyers to purchase the home first. 3) Not finding the right real estate agent to guide them through the process. 4) Not making their offer appealing to sellers. 5) Not considering resale value when choosing a home since first-time buyers typically stay in a home for only 4 years.
The document discusses three options for homeowners with mortgages that are up for renewal: renewing with the same lender, renegotiating with a different lender, or refinancing. Renewing is a simple process but may not get the best rate, renegotiating requires requalification but can get a better rate, and refinancing allows accessing home equity but has some costs. The mortgage broker wants to help homeowners make an educated choice about the best option.
The document discusses the pros and cons of owning a condo. Some key pros include shared amenities like pools and gyms, less maintenance responsibilities, and a sense of community. Cons include additional monthly fees, less privacy, and restrictions on changes to exterior property. The document also outlines some new laws regarding condo ownership and provides more details on specific pros and cons.
Dan Keller Mortgage Planning Concierge Meeting 2019Dan Keller
http://www.mymortgageguydan.com/apply . Every client deserves the best I have to offer and that not only involves a great mortgage experience, but additional information that will help them create wealth through the wisdom I've gathered along with the network of professionals I know.
This document discusses important questions to ask when considering buying a condo in Gulf Shores, Alabama. It highlights that condo ownership provides amenities and zero maintenance, allowing homeowners to downsize without sacrificing luxuries. However, it is important to enhance knowledge of condos and clear any doubts by asking questions of real estate agents and associations. Key questions include understanding home association fees, insurance coverage details, lender requirements, and services offered to determine management fit. Only after addressing these questions should a buyer feel prepared to purchase a Gulf Shores condo.
This document provides advice for buying condos for sale in Quebec. It stresses the importance of doing research before making an offer. Potential buyers should tour the property at different times of day to understand what it will be like to live there. It is also important to speak with neighbors about the neighborhood. When making an offer, buyers should make it contingent upon reviewing the condominium declaration and bylaws. Sellers are required to provide financial statements, minutes from meetings, and reports on future repairs. Careful research into management of the building is especially important for new constructions.
You own a home now, but it’s time to make a change. If you’re moving up or downsizing you probably have questions about how it all works. This article is about the logistics of buying another home while you still own your existing property, making it a smooth move.
Non-warrantable condos do not meet the requirements to be sold to Freddie Mac or Fannie Mae, making them a higher risk purchase. However, they can be a bargain for first time homebuyers willing to own for the long term, as after 5 years the condo may become warrantable and appreciate rapidly in value. Getting a loan for a non-warrantable condo is difficult due to high rates, so buyers need substantial down payments. The best approach is working with a realtor and bank that specializes in these types of condo loans.
Quiz: Are you ready to buy your first rental propertyMortgage Girl
Buying your first rental property is a big commitment and investment.This quick quiz is meant to act as a preliminary checklist before you take the next step in the buying process.
A non residents guide to buying property in floridaJames Lavigne
This document provides an overview of the process and key considerations for non-residents buying property in Florida. It discusses choosing reputable developers and investigating sellers' backgrounds. Original home purchases provide more protections than resales. The document also outlines immigration laws allowing British citizens to live in Florida up to six months per year or obtain visas by investing or starting a business. Steps in buying property include knowing the property, contract terms, costs, zoning, financing options, legal rights, and consulting professionals.
THE ULTIMATE GUIDE TO BUYING & SELLING A HOME IN THE GREATER TORONTO AREAJusto Inc.
Welcome! For most people, buying or selling a home is the biggest financial transaction of their lives. Whether it’s your first time or not, the information in this ebook will help you make more educated decisions, avoid common mistakes, and could even help you save a great deal of money! Find out more at https://justo.ca/
3 unexpected mortgage decisions every buyer will faceRandyBett
This document discusses 3 unexpected mortgage decisions that home buyers will face:
1. Whether to take out a mortgage or pay in cash, as about 1/3 of Canadian homeowners have no mortgage.
2. How much money to put down, as there is a delicate decision process around how much savings to invest up front depending on individual financial situations.
3. Determining personal priorities and budget to know what they can truly afford for housing costs, rather than relying solely on lender guidelines which may not reflect individual circumstances.
This document provides information for first-time home buyers, including tips for the home buying process. It discusses getting pre-approved for a loan, developing a property wish list, understanding budgets and expenses, working with a lender, title insurance, and other key steps. The "Ten Commandments of Buying a Home" cautions buyers not to make major financial changes during the loan process that could impact their approval.
This document provides information about buying a home, including why 2012 is a good time to buy due to low prices and interest rates. It outlines the steps to purchasing a home, including getting pre-approved for a mortgage, finding an agent, making an offer, completing inspections and appraisals, and closing. Requirements for obtaining a mortgage like income documentation are also listed. The importance of home insurance is emphasized by the analogy that just like cars require insurance, homes should be insured as well. The document encourages readers to ask any questions and states the presenters look forward to providing future assistance.
Should You Rent or Buy- Take the quiz now!Mortgage Girl
Is it time to move out of your parents place? Or finally time to get a home of your own? Find out if you're ready to buy. Or maybe renting for a bit longer may be better for you. Take the quiz to find out!
My Home Buyers Guide is a valuable tool prepared to help you understand the complex process of buying a home in today’s market. My commitment is to put my extensive professional, technological and networking resources to work, in your best interest, to help you purchase the right home.
This document provides information about using a mortgage broker for home financing. It outlines three key reasons for using a broker: they have access to multiple lenders and products, they stay up-to-date on financing options, and they can help those with unique circumstances like self-employment. The document promotes using a broker from Neighbourhood Dominion Lending Centres who can find the best mortgage rate and terms.
This advertisement promotes contacting a mortgage broker for assistance with various mortgage needs including purchasing a new home, renewing an existing mortgage, obtaining a second mortgage, or getting pre-approved. It provides the contact information for Jackie Woodward of TMG MortgageGirlca who can be reached by phone at 780-433-8412.
The document discusses three options for homeowners with mortgages that are up for renewal: renewing with the same lender, renegotiating with a different lender, or refinancing. Renewing is a simple process but may not get the best rate, renegotiating requires requalification but can get a better rate, and refinancing allows accessing home equity but has some costs. The mortgage broker wants to help homeowners make an educated choice about the best option.
The document discusses the pros and cons of owning a condo. Some key pros include shared amenities like pools and gyms, less maintenance responsibilities, and a sense of community. Cons include additional monthly fees, less privacy, and restrictions on changes to exterior property. The document also outlines some new laws regarding condo ownership and provides more details on specific pros and cons.
Dan Keller Mortgage Planning Concierge Meeting 2019Dan Keller
http://www.mymortgageguydan.com/apply . Every client deserves the best I have to offer and that not only involves a great mortgage experience, but additional information that will help them create wealth through the wisdom I've gathered along with the network of professionals I know.
This document discusses important questions to ask when considering buying a condo in Gulf Shores, Alabama. It highlights that condo ownership provides amenities and zero maintenance, allowing homeowners to downsize without sacrificing luxuries. However, it is important to enhance knowledge of condos and clear any doubts by asking questions of real estate agents and associations. Key questions include understanding home association fees, insurance coverage details, lender requirements, and services offered to determine management fit. Only after addressing these questions should a buyer feel prepared to purchase a Gulf Shores condo.
This document provides advice for buying condos for sale in Quebec. It stresses the importance of doing research before making an offer. Potential buyers should tour the property at different times of day to understand what it will be like to live there. It is also important to speak with neighbors about the neighborhood. When making an offer, buyers should make it contingent upon reviewing the condominium declaration and bylaws. Sellers are required to provide financial statements, minutes from meetings, and reports on future repairs. Careful research into management of the building is especially important for new constructions.
You own a home now, but it’s time to make a change. If you’re moving up or downsizing you probably have questions about how it all works. This article is about the logistics of buying another home while you still own your existing property, making it a smooth move.
Non-warrantable condos do not meet the requirements to be sold to Freddie Mac or Fannie Mae, making them a higher risk purchase. However, they can be a bargain for first time homebuyers willing to own for the long term, as after 5 years the condo may become warrantable and appreciate rapidly in value. Getting a loan for a non-warrantable condo is difficult due to high rates, so buyers need substantial down payments. The best approach is working with a realtor and bank that specializes in these types of condo loans.
Quiz: Are you ready to buy your first rental propertyMortgage Girl
Buying your first rental property is a big commitment and investment.This quick quiz is meant to act as a preliminary checklist before you take the next step in the buying process.
A non residents guide to buying property in floridaJames Lavigne
This document provides an overview of the process and key considerations for non-residents buying property in Florida. It discusses choosing reputable developers and investigating sellers' backgrounds. Original home purchases provide more protections than resales. The document also outlines immigration laws allowing British citizens to live in Florida up to six months per year or obtain visas by investing or starting a business. Steps in buying property include knowing the property, contract terms, costs, zoning, financing options, legal rights, and consulting professionals.
THE ULTIMATE GUIDE TO BUYING & SELLING A HOME IN THE GREATER TORONTO AREAJusto Inc.
Welcome! For most people, buying or selling a home is the biggest financial transaction of their lives. Whether it’s your first time or not, the information in this ebook will help you make more educated decisions, avoid common mistakes, and could even help you save a great deal of money! Find out more at https://justo.ca/
3 unexpected mortgage decisions every buyer will faceRandyBett
This document discusses 3 unexpected mortgage decisions that home buyers will face:
1. Whether to take out a mortgage or pay in cash, as about 1/3 of Canadian homeowners have no mortgage.
2. How much money to put down, as there is a delicate decision process around how much savings to invest up front depending on individual financial situations.
3. Determining personal priorities and budget to know what they can truly afford for housing costs, rather than relying solely on lender guidelines which may not reflect individual circumstances.
This document provides information for first-time home buyers, including tips for the home buying process. It discusses getting pre-approved for a loan, developing a property wish list, understanding budgets and expenses, working with a lender, title insurance, and other key steps. The "Ten Commandments of Buying a Home" cautions buyers not to make major financial changes during the loan process that could impact their approval.
This document provides information about buying a home, including why 2012 is a good time to buy due to low prices and interest rates. It outlines the steps to purchasing a home, including getting pre-approved for a mortgage, finding an agent, making an offer, completing inspections and appraisals, and closing. Requirements for obtaining a mortgage like income documentation are also listed. The importance of home insurance is emphasized by the analogy that just like cars require insurance, homes should be insured as well. The document encourages readers to ask any questions and states the presenters look forward to providing future assistance.
Should You Rent or Buy- Take the quiz now!Mortgage Girl
Is it time to move out of your parents place? Or finally time to get a home of your own? Find out if you're ready to buy. Or maybe renting for a bit longer may be better for you. Take the quiz to find out!
My Home Buyers Guide is a valuable tool prepared to help you understand the complex process of buying a home in today’s market. My commitment is to put my extensive professional, technological and networking resources to work, in your best interest, to help you purchase the right home.
This document provides information about using a mortgage broker for home financing. It outlines three key reasons for using a broker: they have access to multiple lenders and products, they stay up-to-date on financing options, and they can help those with unique circumstances like self-employment. The document promotes using a broker from Neighbourhood Dominion Lending Centres who can find the best mortgage rate and terms.
Similar to 5 Things you should know about financing a condo (20)
This advertisement promotes contacting a mortgage broker for assistance with various mortgage needs including purchasing a new home, renewing an existing mortgage, obtaining a second mortgage, or getting pre-approved. It provides the contact information for Jackie Woodward of TMG MortgageGirlca who can be reached by phone at 780-433-8412.
Rent-to-Own has become a trend for homebuyers who can't qualify to buy right now. Before you think about sign on the dotted line, read this first! Real estate & mortgages should not be complicated, learn the basics with our newest slides.
This document provides 13 tips for maintaining a good credit score. It recommends doing things like having credit that reports to credit bureaus, paying balances down without going over credit limits, checking your credit report at least once a year, and talking to a professional about credit. It advises against missing payments, giving lenders inconsistent personal information, and waiting to get help if facing financial difficulties. The overall tips suggest actions people can take to build and maintain a strong credit score.
If you answer 'YES' to any of these questions, you could benefit from a mortgage check-up. Take the test now and see if you could be saving money every month.
This will walk you through the process of obtaining a mortgage while self-employed. This includes information on document and downpayment requirements, minimum credit score, interest rate expectations and self-employment definitions.
You probably know how much your mortgage payment is, but do you know what's in it? This will explain what's in a mortgage payment, and all the fun things you can do with it. Enjoy!
The document discusses 10 things to know about second mortgages. It explains that a second mortgage allows homeowners to access equity in their home quickly without penalties by taking out a loan behind an existing first mortgage. It warns that second mortgages have higher interest rates and fees than first mortgages. The document recommends only using a second mortgage for short-term needs and having an exit strategy to pay it off quickly or refinance.
Mortgage insurance premiums are increasingMortgage Girl
Canada Mortgage and Housing Corporation announced that mortgage insurance premiums will increase effective May 2014. This will affect borrowers purchasing a home with less than 20% downpayment, as they will have to pay higher insurance premiums. The premiums are increasing by an average of 15% and are paid as a one-time percentage of the total mortgage amount. According to examples provided, a borrower with a 5% downpayment on a $100,000 home would see their premium increase from $2,613 to $2,993, with only a $2 increase to their monthly payments. The small impact on affordability makes these changes minor compared to what could have been implemented.
This document discusses qualifying for a mortgage as a self-employed individual. It explains that self-employed status includes owning part or all of a business or being a contract worker. It outlines the process for qualifying including verifying income through tax documents if self-employed for over two years or stating an income if self-employed for less time. Higher downpayments are typically required if income cannot be verified traditionally or the applicant has credit issues. Various documentation is needed to confirm self-employment status and income. Working with a mortgage professional experienced with self-employed borrowers is recommended to find the best options.
The document provides tips for improving a poor credit score, including keeping unused credit cards active with periodic small purchases and payments, ensuring any closed accounts have a zero balance, spreading credit usage across multiple accounts to avoid maxing any one out, never exceeding credit limits, paying all bills on time, checking one's credit score annually to monitor for identity theft, and contacting a mortgage professional with any other credit-related questions.
An appraisal is an estimate of a property's value based on analyzing recently sold comparable properties in the area. Appraisers are professionals who provide objective valuations of properties. They must complete extensive education and be licensed by professional associations. To appraise a property, an appraiser will inspect the property to gather specific data, research listing and sales prices of nearby comparable properties from sources like MLS, and use their experience to estimate the subject property's value in their report.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
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Your home is positioned in a privileged location, providing easy access to the city center, shopping malls, restaurants, schools, and other important places.
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https://listingturkey.com/property/yeni-eyup-evleri-2/
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
1. 5 THINGS
YOU SHOULD KNOW
ABOUT FINANCING A
CONDO
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
2. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
A condo or condominium is one of a group of housing units where each
homeowner owns their individual unit space and all the dwellings share
ownership of the common areas. Condos can include high-rise and
low-rise apartment units, townhomes and some duplexes depending on
how the title is registered.
The biggest difference between a condo and a house is if you buy a
condo you will not own a specific plot of land. Instead, you own a unit in
a building on a plot of land. As well, instead of the homeowner making
all of the decisions about their home, with condominium ownership a
condo board that is comprised of unit owners makes decisions about
the building together.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
3. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
There are many items you should be aware of before buying a condo,
in my opinion the 5 most important ones from a financing perspective
are included in these slides.
As lenders condo guidelines vary, it is important your mortgage
professional knows the condo details so they can place you with a
lender who fits your mortgage needs.
Your realtor can give you more information about the condo purchase
process, I will only touch on the condo details that can also affect your
mortgage financing options.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
4. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
1. Condo Fees
you
are
responsible
for
the
repairs
and
maintenance
of
your
personal
property
and
surrounding
land
when
you
own
a
house
however
it
is
not
the
same
with
a
condo.
As
you
own
the
unit
and
the
common
areas
are
shared
you
pay
a
monthly
condo
fee
based
on
the
size
of
your
unit
and
a
porKon
of
those
funds
are
used
for
maintenance
and
repairs
of
the
common
areas
among
other
things.
You
will
be
personally
responsible
for
some
of
the
costs
relaKng
to
your
individually
owned
unit
though
there
will
be
some
excepKons
where
condo
fees
will
be
used
to
cover
repairs
related
to
the
building
even
if
it’s
in
your
personally
owned
unit.
Condo
fees
are
calculated
into
your
mortgage
qualifying
ra4os.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
5. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
2. Age Restrictions
Some
condo
complexes
have
age
restricKons
such
as
no
one
under
age
55
is
allowed
to
live
in
that
complex.
Be
aware
there
are
less
lender
opKons
available
with
the
age
restricted
condo
purchases
and
you
could
be
asked
for
a
larger
downpayment,
or
be
charged
a
higher
interest
rate.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
6. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
3. Square Footage
Lenders
are
being
more
selecKve
about
the
properKes
they
have
in
their
porPolios
these
days
and
some
lenders
even
have
a
minimum
square
footage
requirement
for
condo
purchases.
Ensure
your
desired
property
meets
the
lender
minimum
before
removing
condiKons.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
7. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
4. Renter Population
If
you
are
going
to
owner
occupy
your
new
condo,
ask
how
many
other
units
are
also
owner-‐occupied
as
some
lenders
have
concerns
with
complexes
that
have
a
high
renter
populaKon.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
8. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
5. Condo Documents
THIS
IS
AN
IMPORTANT
ONE!
I
can’t
stress
enough
how
important
the
condo
documents
are
to
you
if
you’re
thinking
of
purchasing
a
condo.
Condo
Document
Review
is
almost
like
a
home
inspecKon,
however,
instead
of
inspecKng
the
home,
you
are
reviewing
the
health
of
the
condo
corporaKon
and
how
it’s
run.
More
lenders
are
asking
for
condo
documents
upfront
as
part
of
the
mortgage
condiKons
as
they
are
looking
for
specific
details
to
ensure
the
building
and
how
it
operates
meet
their
requirements.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
9. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
5. Condo Documents - CONTINUED
Here
is
a
list
of
what
documents
I
would
like
to
see
if
I
were
buying
a
condo:
MEETING
MINUTES
CONDO
BY-‐LAWS
BUDGET/FINANCIAL
STATEMENTS
ESTOPPEL
CERTIFICATE
Keep
on
sliding
for
more
details
on
the
above
documents
à
à
à
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
10. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
Meeting Minutes
These
are
wri[en
accounts
of
all
the
talk
that
went
on
at
the
condo
board
meeKngs.
They
detail
everything
the
board
deals
with
day-‐to-‐day
which
involves
the
building
or
its
occupants.
I
mean
everything!
These
minutes
will
tell
you
what
work
needs
to
be
done
and
do
they
have
enough
funds
on
hand
to
complete
the
work.
If
there
are
not
enough
funds
will
there
be
any
special
levies?
Which
means
each
unit
may
be
required
to
come
up
with
a
large
sum
of
money
to
contribute
to
any
immediately
required
repairs?
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
11. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
Condo By-laws
Govern
how
the
unit
occupants
are
allowed
to
act.
This
one
isn’t
as
important
to
lenders
as
it
should
be
to
you.
Make
sure
the
condo
bylaws
don’t
limit
your
lifestyle
as
they
address
restricKons
regarding
pets,
smoking,
renKng
out
etc.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
12. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
Budget/Financial Statements
Lenders
like
to
see
the
most
recent
budget
and
financial
statements
as
this
will
show
how
effecKvely
the
condo
corporaKon
is
managing
the
building
finances.
They
allow
you
to
see
how
your
condo
fees
are
spent
and
how
much
money
the
condo
corporaKon
has
in
their
bank
accounts.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
13. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
Estoppel Certificate
The
lawyer
pulls
this
closer
to
your
possession
date
to
confirm
there
are
no
judgments
or
lawsuits
against
the
condo
corporaKon
that
could
affect
your
new
purchase.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
14. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
I
hope
this
didn’t
scare
you
off
as
I
believe
condos
are
a
great
opKon
for
many
homebuyers
as
they
can
be
quite
affordable
and
low-‐maintenance.
If
I
can
stress
one
thing
before
buying
a
condo,
it’s
to
get
a
professional’s
help!
This
could
be
a
realtor
or
your
lawyer
who
can
help
you
with
the
purchase
and
all
of
the
addiKonal
condiKons
involved
when
buying
a
condo.
From
a
financing
perspecKve,
just
be
upfront
and
advise
your
mortgage
professional
ahead
of
Kme
that
you
are
thinking
of
buying
a
condo
so
we
can
structure
your
pre-‐approval
effecKvely.
Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca
15. 5
THINGS
YOU
SHOULD
KNOW
ABOUT
FINANCING
A
CONDO
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Jackie Woodward // Mortgage Broker // TMG
Visit: www.mortgagegirl.ca // Phone: 780.433.8412 // Email: info@mortgagegirl.ca