Frequently Asked Questions
What is a Condo?
A condominium, or “condo” for short, is typically a more affordable and lower-maintenance alternative to a single-family home. Located within communities of other units, condos are privately owned, but owners share common areas. A key selling point of a condo is that the owner generally only has to take care of the interior of their unit, while a property management company handles the rest.
How Does Condo Financing Work?
Condo financing is generally similar to financing a single-family home. The major difference is that condo lending involves a few extra steps and additional paperwork than a typical mortgage. Your lender will not only underwrite you as a borrower but will also underwrite the condo project to make sure it meets specific guidelines.
Why Choose National Exchange Bank & Trust for Your Condo Lending Needs?
Our team of condo lending experts will walk you through each step of the process to ensure you have a smooth transaction. Each lender is knowledgeable in condo lending requirements and will be able to provide you with the level of service you deserve.