Looking to Buy a Condo as a Second Home in Chicago?
Values of Chicago condominiums are increasing, rising even faster than values for single-family homes. Per S&P/Case-Shiller Condominium Price Index for Chicago, condominium prices have been rising steadily since mid-2014. As mentioned in our previous blog posts on Chicago condominiums, getting a mortgage for a condo can often be challenging.
In addition to the typical lender requirements regarding income, assets and credit history, the condominium being purchased must also go through a similar vetting process by means of a condo questionnaire. Despite this fact, condominium values are climbing, yet mortgage rates continue to decline for condo buyers.
Many suburban residents of the greater Chicago area who are interested in purchasing a condominium downtown as a second home are deciding that now is a good time to consider this move. There are many benefits to owning a second residence. Most people choose to purchase second homes or condominiums in popular tourist areas and Chicago is no different. As well as having the convenience of being in a central location and storing household items at a second residence, owners are able to host gatherings and have a place of retreat on their time off.
United Home Loans is an expert in Chicago condominium lending and can guide you through the application process and assist in finding you the best possible mortgage interest rate for your condominium that will work for you and your finances. Call us at 708-531-8388 or contact us below if you have questions.