Condo

Whether you are looking to lower your interest rate, shorten the duration of your loan, or cash-out some of the equity you've accumulated over the years, Luxury Mortgage is here to assist you with your condo refinancing needs. We offer a variety of conventional loans, government backed FHA and VA mortgages, and jumbo condominium refinance solutions to meet the needs of our diverse clientele. To learn more about our condo refinance programs, please call (888) 379-0303 for a free consultation.

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Condo Refinancing Overview


Condo Refinancing Mortgage Rates & Eligibility

Luxury Mortgage offers some of the most competitive mortgage rates in the marketplace for refinancing condominiums. Underwriting requirements for condo financing can be more extensive then stand-alone stick built construction. In order to provide consumers with the most accurate quote available, we advise speaking with a licensed Luxury Mortgage professional. He or she will ask a series of questions about your scenario. The type of occupany being held, the number of stories in the development, the percentage of units which are owner-occupied vs. rentals, and the extent of master liability insurance coverage, are all examples of variables which may impact rates and approval (other terms and conditions will apply). For FHA refinances, units must be in approved FHA developments.

Getting Ready

When you are planning to refinance we strongly encourage you to identify and reach out to your HOA management company to find out who your contact is for completing a Condo Questionnaire and requesting proof of master liability insurance coverage. Most mortgage refinance rate locks last for 30-60 days depending upon your agreement. Borrowers having to track down their HOA contacts weeks in to the process can lead to issues down the road.

Frequently Asked Questions
Q: How long does it take to refinance a condominium?
A: Typically refinancing a condo can be completed in 30 to 60 days. To help facilitate the transaction, be sure to get the contact information for your HOA representative and begin to assemble all of your employment/income, assest, and insurance information as requested by your mortgage professional. In times of higher application volume, refinances may take longer than 60 days.

Q: Do you refinance condos that are used as second homes or investment properties?
A: Yes we do. However, like any home loan, we follow eligibility guidelines. Both the borrower and property most meet the underwriting criteria in order to quality for financing. Interest rates for vacation and rental condos will likely be higher than those available for primary residences as they carry a higher degree of risk.

Q: Do you offer cash-out financing for condos?
A: Yes. However the loan-to-value limits may be different than for stand-alone properties. Other terms and conditions may apply.

Thank you for your interest in Luxury Mortgage. We look forward to assisting you with your condo refinancing needs.