Condo buying checklist
Guide on buying a condo for the first time
Buying a condo, and the lifestyle that comes with it, gives you a lot of perks. But if this is your first time, you might not be aware of some of the special tasks that come with buying a condo. To help you out, we've got the perfect condo buying checklist ready right here for you.
Condo Buying Checklist:
⃞⃞⃞ Get pre-approved
⃞ Select where you want to live (work with a Realtor)
⃞ Find out if condo is approved to be financed
⃞ If not, see if condo team can get it approved
⃞ Condo approved (now good for at least 12 months)
⃞ Finish mortgage process
⃞ Closing time
⃞ Plan house condo-warming party
Get pre-approved
For any type of home purchase or refinance, your first step should always be getting pre-approved. Start here so you know how much you can actually afford. No one likes to shop for something, only to get to check-out and find out it's more than you can handle, right? 😅
Pick your place
If you already know where your dream condo is, good! Write down the name of the project and its address: We'll need it later. If not, have you considered working with a real estate agent? If you're having trouble finding the right place for you, that's literally a real estate agent's job. After getting a pre-approval, it'll help immensely to narrow down what's in your budget, too.
Is the condo approved to be financed?
Yes, you read that right. Here's one of the special parts about financing a condo. Even though you might be approved to finance a home, it doesn't necessarily mean that the condo project you're looking at is approved to be financed. Some condos only allow a certain amount of the units to be financed rather than purchased upfront with cash. Talk to the loan officer you're working with, and provide that handy project name and address, and they'll be able to quickly let you know if your condo project is approved for home loan financing!
Check with the lender condo team
If your condo has been approved for financing, move to the next step! Awesome lenders will have specialized teams who focus on the details of specific loan programs for you. With condos being a special process, the lender's condo team will be able to start the condo approval process if it wasn't previously approved to be financed. If the lender you're working with doesn't have a dedicated condo team, you may need to work with the loan officer to do some of the leg-work. This will include a fair bit of paperwork, including a lengthy questionnaire. Luckily, if you work with Movement Mortgage, you get accessed to specialized teams (like a condo team) that will take care of this for you. 💁♀️
Condo approval
When your condo is approved, check this one right off! After it becomes approved, it is good for at least 12 months. With updates to some regulations, it may be approved for up to 24 months. So after you move in (and have made it easier for someone else to finance), feel free to invite some of your friends to move into the building with you as well.
Finish mortgage process
You're really close to the finish line here! Now that you've worked with your loan officer and (hopefully) condo team on getting it cleared, now it's time to finish your home loan process. If you've got all your ducks in a row, all your documents ready and are a financially-worthy applicant, you should zip through this in no time. At Movement, we set to process loans in just 7 days. Talk about a speedy race to the finish line. 💪
Closing time
After securing a final approval, it's closing time! There will be final papers to sign at the closing table, and moments to celebrate you becoming a homeowner. This is the final step in the process to buy a condo and snatch those keys to your dope new home. 😎
Plan house condo-warming party
Grab the keys and your best buds, and get ready to move-in to an exciting home! Now it's easy sailing and time to plan that condo-warming party. Pro tip: Register at stores nearby for stuff you want in your condo, and let your friends know to come with a gift.
That wasn't so bad, right? Buying a condo comes with a lot of exciting rewards if you're wanting a more upbeat lifestyle. Although there are some special components to condo financing, know it won't be too gruesome. Just make sure you have the right professionals on your side!
