Why do mortgage lenders ask how many floors are in a condo building?
155991
Lenders usually sell the loans on the secondary market. Fannie Mae, Freddie Mac and FHa make up the majority of the conforming secondary market. They generally consider any condo complex 4 stories or higher to be a high rise and any less than 4 stories to be a low rise. \n\nHigh Rise units have additional fees passed onto the lender from these secondary market agencies. \n\nSo, in order to ensure they quote you an accurate rate they need to know what fees they may incur when selling the loan at a later time. Knowing how many floors are in a condo complex answers one of those questions. :>
800387
This is because the accounts still fall within a 7 year history. The key on the report is the "date of last activity" which is the actual date that counts. Regardsless of account status, there is a monthly submission from each creditor as to the standing of the account in reference.\n\nI write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
86278
It is possible to achieve small storey heights with either material to fit in as many floors as a designer wishes to a given height. Skyscrapers are built from steel as the dead weight of the concrete becomes too much over a certain height, rather than because smaller storey heights can be achieved. Thinner floors are possible with steel but floor thicknesses are governed more by services and ceiling finishes so this is irrelevant also.
1109647
I am a law student and had to take a real estate law class....the definition of a townhome is that you own (assuming it is YOURS) the whole portion of that building and the ground below the building. In a condo, you own only the inside of the walls. so basically the rooms inside the condo, and no property. Does that make sense?
39347
The floors of the 2nd floor and the 6th floor.\n\nEach story is 12 feet tall.  The floors of each floor of the building are separated by 12 feet.  A distance of 24 feet from the fourth floor means you go two floors up and two floors down.
75072
by 800.00 a month, why did we need to know the price of the condo? did you factor in property tax?
86550
For valuation purposes, the basement is not clasified as a storey. Neither is an attic. Therefore 3 storeys is the answer
436762
It depends on where you are looking.  In California they are referred to as "Tenants in Common" or TIC's.  Usually it's something like a 4-plex that has been divided into 4 separate units.  It's not a condo conversion.  They are called other things in other states--maybe you are thinking of a timeshare?
50344
You only own about a foot or two out from the building, so whatever trees and bushes are there, don't think about changing them, read your contracts very carefully, ask about "rent a cop" patrols through peak summer hours when all the kids are loose from school, also of special events that are extremely loud, that you may either want to embrace or not.  Do you have "Lake access", how many parking spaces and storage areas are considered yours? And yes location, do you want to climb steps, or hear others as they climb them if you have purchased the lower condo? How much traffic and noise is in the area.
429196
It means total floor space, not just the usable portion.
654590
THE QUESTION YOU POSE ASSUMES THAT THEY WANT THIS PLACE--VERY BIG ASSUMPTION THERE--TRY THIS ONE--THEY ARE BANISHED TO THIS PLACE--LOCKED TO THIS PLACE LIKE CELL BLOCK 44 BY THE BOSS (NO NOT BRUCE),,THEIR PRIMARY DESIRE IS TO EXIT--THEY'VE HAD THEIR FILL           THEY KNOW THIS WORLD IS TERMINAL AND BELIEVE ME THERE ARE MILLIONS OF BETTER SPOTS IN THE UNIVERSE TO BUILD A CONDO..BUT THEY SCREWED UP...ARE DOING TIME WITH SOME PRETTY HEAVY REGULATIONS AND TO SAY HARD-TIME IS AN UNDERSTATEMENT OF MYTHICAL PROPORTIONS !!!
407458
Why do they call it a building if it's already built?\n\nWhy do they call them apartments when they're all stuck together?
604495
Aside from those mentioned, there are a number of reasons why a lender may not want to finance the home.  First, if the price is SUCH a bargain, it may be an amount that is lower than what they traditionally finance.  I once bought a condo for a price that was so good I couldn't find a lender to finance it.  They didn't want to bother with a little $30,000 mortgage...it was too small.\n\nI also know that sinkholes have been a problem in some areas and have made getting a property financed impossible.  This is not likely, but it never hurts to ask if there's been a history in the area.
169286
I don't really understand your question the way it is phrased. Going to a real estate company would indicate you are trying to purchase a property, house,land or something to do with buying.\n\nGoing to a a mortgage broker would indicate you have decided to purchase one of the above and now need a loan to complete the transaction.\n\nNow if you are asking if you should see a mortgage broker before going to a real estate company to purchase a property then you should.  The mortgage broker or one of his consultants would approve or pre-approve you for a mortgage to purchase your real estate needs such as buying a house or land to build a house or the purchase of a commercial property.\n\nThe other is that if you are asking if you should go to a mortgage broker or a direct lender. My advice would be the mortgage broker. The mortgage broker has many investors in which to select a loan to fit your particular need. You only have to pay for an appraisal and or credit report once. The mortgage broker has the ability to send your loan application to several investors in which he/she does business with. He/she can use the same creidt report and appraisal since the appraisal and credit report are in the name of the mortgage broker.\n\nGoing to a direct lender is ok, but if they are unable to secure a mortgage for you, then you have to apply some place else and at that time pay for another appraisal and or credit report as the first lender you fill out an application for would be very reluctant to give you your appraisl and or credit report since it was made by one of their approved appraisers, is in their company name as well as the credit report. \n\nI hope this information is helpful to you. Should you need additional information by all means please email me direct.
339953
Call a random mortgage company and ask them this question.
834210
Condos are not much different than that of a residential loan, it is when you get into co-ops with management companies that things take longer with all the red tape...call me up.\n\nManolo Borja, Senior Account Executive\n\nAapex Mortgage Corp. and Modern Tech Industries, Inc.\n\n366 North Broadway, Suite 206\n\nJericho, NY 11753\n\n(516) 345-1136 Phone \n\n(516) 706-7700 Fax\n\nEmail: nolo430@aol.com\n\nWebsites: www.aapex.com\n\nwww.18776loanyes.com
808305
That info is in the MLS. Now if you don't have asses to one.....better make friends with a Realtor.