Small Apartment Living: The Benefits
Small apartment living has its advantages. It’s possible to finance apartments as small as studio apartments. For apartments, lenders have two requirements, size and value. Lenders finance mortgages of $100,000 and over. Thus, the apartment must meet the value minimum. Also, banks finance apartments that measure 40 square metres or more. Mortgage House drops that requirement to 30.
You’ll find most apartments situated in downtown areas. They tend to attract the young who remain single and without children. For many, it’s their first time living away from home. They have good job prospects. However, they haven’t built enough work history or credit to qualify for a mortgage to purchase a home.
- Apartments offer several benefits including:
- Cheaper than homes
- Less maintenance
- Situated near restaurants, retail stores, and public transportation
- Provide security
If you opt for a condo, your purchase will accrue home equity as you pay off the mortgage. For apartments, it works a little differently. Nonetheless, starting with an apartment does lead to building a credit history.
Other individuals who have an interest in purchasing apartments remain investors. Mortgage House also works with investors who aim to build their portfolios. The requirements for investment properties differ from owner-occupier home loans. Our loan specialists will work with both buyers interested in obtaining financing for apartment purchases. We also provide refinance home loan options.
Small Apartment Living Conclusion
If you prefer to purchase a small apartment, Mortgage House can help you finance the purchase. Our loan specialists efficiently evaluate all applications. Then, they find the best loan terms. Contact our team today.