Condo Refinancing Solutions
Condo Refinance Loans
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 Corp. is here to assist you with your condo refinancing needs. We offer a variety of conventional loans, government-backed FHA and VA mortgages, and Simple Access® solutions to meet the needs of our diverse clientele.
To learn more, please call (888) 379-0303 for a free consultation.
Rates & Eligibility
Luxury Mortgage Corp. 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. Some of our Simple Access programs will allow refinancing for non-warrantable condos.
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.
Get in touch.
We’re here to answer any question you may have about Condo Loans or any of our other mortgage programs.
We're dedicated to helping borrowers find the right home loan program for their situation. Contact us today for a free quote and consultation.
Call us today: (888) 379-0303