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What You Need to Know about Buying a Condominium

Joel Weiser / May 21, 2022 / Expert Articles

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Hi, my name is Joel Wieser, and I'm an experienced loan officer in Brooklyn, New York. So today I want to talk to you about taking out a mortgage on a condo. So a condo is a partnership with other people with a condo association, and there's a lot of moving parts. In financing a condo, the lender is the one that's putting down most of the money here.

They want to make sure that this condominium is well managed, you know, their finances (as well) so they're not going to go bankrupt one day. And they want to make sure that the building is safe, especially since the tragedy that happened not long ago in Surfside, Florida.

Number one, what I would say for a buyer that wants to buy a condo, work with someone that knows condos, that knows what to look out for. You don't want to have surprises. If there's anything to find out, I want to know now not after 30 days when we got everything in order and we were ready to close and the here comes the condo documents and we find out it's not mortgageable.

So, this is a very important thing. Get a loan officer that knows condos, and make sure that you find everything out as soon as possible - this is for borrowers. Now for listing agents, and this is I'm talking from experience. If you are going to put on the market a condo, you'll want to make sure that this condo is mortgageable so you know which office to take.

This is why you want to work with an experienced loan officer that knows guidelines. So condominiums, you want to watch out what you're doing from the buyer side and the seller side. So again, my name is Joel Wieser. Feel free to reach out to me at any time, I would love to help. I'm experienced in condominiums, and so are all the loan officers here at the Find My Way Home network. We would love to work with you.

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Joel Weiser

Hi, I'm a mortgage expert living in New York. I am also licensed to help with your home loan in several other States across the Country. Do you have mortgage questions? How can I help? View Profile

Joel Weiser NMLS # 1509389 Loan Officer 7016 Fort Hamilton Pkwy Brooklyn, NY 11228 (917) 539-7704 joel.weiser@findmywayhome.com

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About Joel Weiser

Hi, I'm a mortgage expert living in New York. I am also licensed to help with your home loan in several other States across the Country. Do you have mortgage questions? How can I help?