Whether you’re downsizing from a larger home or buying your first property, a condo is a great investment. However, before you start your condo-buying journey, you should be aware that the mortgage process can be a little different to the one for buying a regular house.
If you’re looking to purchase a condo but feel your credit score may not be ideal, you’re not alone. Many condo buyers don’t know where to begin when it comes to ensuring their credit score is appealing to lenders.
It’s easy to get excited about purchasing your ideal condo, but if your credit score isn’t within the ideal range for lenders, there is a chance you won't qualify for the mortgage you want.
The decision to buy a condo brings up many important questions: new community versus urban core, high-rise versus townhouse, square footage and amenities, and interior design.
So you’re on the path to deciding if condo living is right for you. After all, there’s so much choice available to you in terms of style, size, location, amenities, and budget.
Homeownership is something you’re considering, but if you have outstanding debt it can seem daunting to also take on a mortgage. You may worry about being able to pay all of your monthly payments, or if you’ll even qualify for a mortgage while carrying additional debt.
