Pathway Mortgage Condo Loans | We Make the Process Smooth and Easy
A condominium, or condo, is one of the most popular forms of residence, especially among working professionals, retirees, and young couples embracing the joy of first-time homeownership. But while they are a frequent choice for new and veteran homeowners and appear to function similarly to apartments at a glance, it also bears reminding that there are many key differences for prospective condo loan applicants to be aware of.
We’re here to make the process a whole lot easier, with tools and expertise that will help guide you along the way, starting with our FREE Condo Mortgage Rate Quote.
We’ll help you clearly see differences between loan programs, allowing you to choose the right one for you whether you’re a first-time home buyer or a seasoned investor.
What Is A Condo?
Condos – Buildings that are divided into and made up of individually owned units. Although similar in nature to apartment buildings, each residence inside them is the property of a specific owner as opposed to a landlord or property management firm. In effect, condo owners own only the portion of the structure in which they reside - specifically, the interior of their residence, as external and shared areas of the building are typically owned and managed by a condo or homeowners association (HOA).
HOA – A group of owners who collectively work together to set and enforce building rules and guidelines - and shoulder the burden for any shared expenses. Put simply: A condo owner is responsible for everything that goes on inside their unit, including maintenance and repairs, and will pay regular fees to the condo association for upkeep of shared areas, which are instead the HOA's responsibility to maintain.
In general, condo owners are responsible for abiding by the HOA's rules, being respectful to their neighbors and maintaining their own individual residence. By way of contrast, homeowners associations are responsible for maintaining common areas such as hallways, yards, recreational facilities and courtyards, and providing upkeep of grounds (shoveling snow or trimming trees as needed).
Condos are a popular choice for first-time home buyers as they're often smaller, more affordable, and less demanding or time-consuming to maintain than single-family residences.