Helpful tips

Can I put a parent on my mortgage?

Can I put a parent on my mortgage?

If your parents are homeowners, with a decent amount of equity in their property, it may be possible for them to act as guarantor for your mortgage. A “charge” will be put on your parents’ property and in the event that you default on your mortgage payments, the mortgage lender can pursue your parents for payment.

How much cash should you pay for a condo?

New condo launch: 20% of the purchase price, of which at least 5% must be paid in cash (i.e. 15% with CPF) Resale condo: At least 5%, including an option fee of at least 1% which must be paid in cash (i.e. 4% with CPF)

How long is a mortgage on a condo?

You typically have the choice between a 15- and 30-year repayment term. A longer term makes the most sense for borrowers who want to keep payments low, while a shorter term saves interest over time. Consider the types of 30-year loans and the condo’s qualifications before selecting a loan program.

Can you get a mortgage for a condo?

Financing the purchase of a condominium home is somewhat different than the process of buying a single-family home. For one, a condo mortgage usually comes with higher interest rates, and it can also be more difficult to qualify for thanks to additional underwriting.

Can you buy a home for your mother?

But if you — like most homebuyers — need to take out a mortgage to finance the purchase of a home, buying a residence for your mother can be trickier. The good news, though, is that it can be done, as long as your income and credit scores are solid. One way to buy a home for your mother is to take out a mortgage loan for a second home.

Can a mother and son get a mortgage together?

Some mortgage providers will base the maximum term of the mortgage on the youngest applicant, making it possible to a joint mortgage with an older applicant. However, it is unlikely you will be accepted for a joint mortgage if you are not living with the other applicant in question.

What’s the difference between a home loan and a condo loan?

Condo financing is generally similar to financing a single-family home. In fact, the same type of loans available to single-family homebuyers are available to condo buyers, including: The major differences are that mortgages for condos often involve extra steps and additional paperwork, as well as come with slightly higher interest rates.

What’s the difference between mortgage for a condo and a single family home?

That’s because condominium mortgages are considered somewhat riskier loans than are mortgages for single-family homes. On a conventional mortgage backed by Fannie Mae, the rate on a condo will usually run about one-eighth to one-quarter of a percent (0.125-0.250 percentage points) higher than what you’d pay on a single family home.

Can a parent give their daughter a mortgage?

Understand, though, that any existing mortgage on your home remains your responsibility even if you’ve added another person to the title. Parents wanting to give mortgaged homes to their adult offspring must be creative to do so. If she’s mortgage-qualified, your daughter could buy your home at a price equal to its mortgage balance, perhaps.

How much does it cost to get a mortgage for a condo?

As a rule of thumb, you’ll rarely find that they’re lower than $100 a month, while $500 and above is not unusual for better properties. While this is an extra cost that will be added onto your mortgage, your homeowners’ association fees will help you save money in other ways.

Why are mortgage rates so high for condos?

Condo mortgage rates are typically a little higher than on single-family homes. It’s a matter of the lender pricing in the risk of community-living structures. There are simply a lot of things that impact the value of the property that are out of the control of a single-unit owner.