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If you’re a first-time buyer looking to enter the mortgage world, you have a lot of choices to make. Everything from location to price is important, but for many people, the very first question is this: What kind of property do I want?

At Altius Mortgage and our partners at Mortgage Ogden, we can help you get the best mortgage rate for a variety of property types. Some first-timers might benefit greatly from a condominium – what are some of the benefits of a condo for a first-time buyer?

Price and Down Payment

In many cases, condos are a more affordable option for someone just entering the market. Condos are often lower-priced in a given area than the average home, meaning you have to come up with less down payment money as well. Basic loan calculators can help here.

Customization Areas

Condos belong fully to the owner, and that means you can customize things inside without permission. This includes renovation areas, just as if you owned a house. You have far more control in a condo than you would be renting a property.

Investment Possibilities

In many situations, a condo can turn into a fantastic investment before long. If you’re ready to graduate from your condo into a larger house at some point along the line, you can either sell the condo or even consider turning it into a rental property for profit.

HOA Benefits

Condos are governed by a Homeowner’s Association (HOA), and these bodies provide rules for each community. They go beyond this as well, though – for small monthly fees, they handle several areas of landscaping or maintenance. You don’t have to worry about any repairs in common areas or mowing lawns on weekends.

Community Areas

This will vary between condo communities, but most have similar amenities to a basic apartment complex. Things like pools, gyms, walking trails, or group recreation areas might be included, and these generally come at no additional charge.

For more on how a condo might benefit you, or to learn about any of our good mortgage options, speak to the pros at Altius Mortgage today.

May 15, 2018

How Condos Benefit First-Time Buyers

If you’re a first-time buyer looking to enter the mortgage world, you have a lot of choices to make. Everything from location to price is important, but for many people, the very first question is this: What kind of property do I want? At Altius Mortgage and our partners at Read More
April 21, 2018

Raising Chances of Mortgage Pre-Approval

If you’re a potential homebuyer looking to set yourself apart from the competition, one great avenue to take is often a mortgage pre-approval. This process, which we’ve gone over in this space before, is about meeting some basic requirements and getting a general idea of what your finances will allow Read More
April 14, 2018

Long Term Homeownership Benefits

To buy, or to rent? The decision often isn’t a simple one for many people, with factors like income, future plans, expenses and many others playing a big role in which route you take. One major advantage to homeownership that many people don’t spend enough time considering? Long-term financial benefits. Read More
March 16, 2018

Tips to Avoid Identity Theft

Your credit score is an important part of getting a mortgage, as your mortgage lender wants to see your history of using and repaying credit to assess your viability as a borrower beforehand. Some extremely unfortunate souls in the mortgage world have run into a worrisome issue in recent years, Read More
March 3, 2018

Avoiding Common Credit Score Mistakes

When it comes to obtaining mortgage loans, credit score is one of the single largest individual factors. Your credit score plays a big role in the kinds of mortgage rates you can get approved for and several other big factors, and having a score that’s too low can be a Read More