A Mortgage of Condominium Unit is a loan for the purchase of a condominium unit. It is secured by the unit and is typically a long-term loan. The borrower agrees to make regular payments to the lender for the principal amount of the loan, as well as the interest due on the loan's balance. Types of Mortgage of Condominium Unit include fixed-rate mortgages, adjustable-rate mortgages, interest-only mortgages, and FHA mortgages. Fixed-rate mortgages have a fixed interest rate for the duration of the loan and usually require a down payment. Adjustable-rate mortgages have an adjustable interest rate that can increase or decrease over time and usually require a down payment. Interest-only mortgages require only the interest on the loan to be paid monthly, with the principal due at the end of the loan term. FHA mortgages are government-backed loans that have more flexible requirements and require a lower down payment.
Mortgage of Condominium Unit
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