Apartments: How to Finance them Through Mortgage House
Some people prefer to live in apartments. That’s one reason why they prefer to rent. In many cases, it’s tougher to finance the purchase of an apartment. You can finance condos, not necessarily an apartment. Banks maintain conservative lending practices. They have a minimum size of 40 square metres. Banks want to ensure that the value of the units doesn’t fall below their amount threshold of $100,000.
Mortgage House is a non-bank lender. As such, we finance apartment purchases that have a smaller size than 40. We drop the minimum size requirement to 30 square metres. In most cases, the smaller size does not cause the value to fall below our minimum threshold of $100,000.
Apartments can pose a higher risk than a home purchase. Nonetheless, Mortgage House is willing to work with buyers interested in this housing option. Some buyers enjoy living in urban environments. They have a high concentration of apartment units.
In addition, local governments surround them with several conveniences. To ramp up funds from taxes, governments employ developer services that build multi-use complexes. Thus, residents can live among restaurants, retail shops, and grocery stores. Residents don’t need to go far to purchase the necessities. Urban and downtown areas often have accompanying nightlife and lifestyle amenities such as gyms, bars, and biking trails.
If you decide to purchase a home instead, check out our home loan calculator.
Financing Apartments through Mortgage House Conclusion
Those who seek to finance apartments can do so through Mortgage House. We lower the size threshold and we provide competitive rates. To start the process, contact our loan specialists.