Mortgage Loan Broker San Diego, CA

San Diego-California. What should I know about condo refinancing?

Some of the pertinent questions that you would be asked is if the condo is a high rise or a low rise condo. Meaning how many floors are there in the apartment and on which floor is your condo located. Some banks or lenders have a higher rate in case of high rise condo. Some do not consider rate differentiation on the basis of the number of floors in the apartment.You would be required to submit the details to your condominium association and to show that you have been current on your association dues and how much are you paying to your association. Single family homes have individual insurance policies. In condominium it’s a joint insurance. Condo Refinancing Services San Diego,CA and mortgage borrower in California and around its popular cities.

One of things to keep in mind is that when you are applying for refinancing. You should avoid applying for new debts like credit card etc. That is because if you keep applying for debts. It shows up on your credit report and it may raise a red flag as to why the borrower is applying with so many credit card companies. It could be taken as a sign of distress.Condominium mortgage borrower should never stop making mortgage payment. It’s been seen that some borrowers who initiate refinancing feel that they should stop making mortgage payments. Never stop making mortgage payments unless your mortgage expert tells you so. If you don’t make the payments you would be reported late on your mortgage which is more impairing than anything else.

It is likely that when you refinance you would skip a month of mortgage payment. Unless you don’t want to. This is not free lunch. Some borrowers like the idea of skipping a month of house payment and some do not. You can let your mortgage expert know whether you would like to skip or not like to skip.To the extent possible try not to max out on your credit cards. The more debts you add on to a credit card to its top limit, the more it’s seen as a distress on part f the borrower and consecutively your scores start to come down.The prices of condominium Mortgage do not appreciate in price that fast as its normally observed in Single family Homes.You may gone with a conventional or FHA mortgage on your condominium. This time around when refinancing ask your mortgage expert to guide you and make you aware of the program that is offering you and why it makes sense.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com .

Article by Roger Shanker