Super Fitness Health BlogChicago Loft Mortgage Approvals
There is loads of fiction and myth surrounding the greatest deals on lofts and also the difficulty in obtaining mortgage financing. When it comes to Chicago loft financing, the truly good deals are incredibly easy to finance.
Let’s begin first with where the myths are coming from. You can find a couple of listings at costs which are too good to be true that cannot be financed. The seemingly logical conclusion is that it is challenging to obtain a home loan approval in today’s market place. Nothing could be less true.
The reality of it’s that the “best deals” within the condo and loft market right now are simply not good deals. They’re just low prices and they are possibly risky purchases. If I was acquiring a loft in Chicago currently, I’d have five questions that I’d use to determine if the property is usually a safe buy. Here would be my large five:
1. Is this building predominantly owner-occupied or does it contain loads of rental units?
2. Is there a large single-investor holding much more than 10% of the units?
3. What percentage of the unit owners are past-due on their assessments?
4. Are there pending special assessments or legal actions against the association?
5. Does the homeowners association have adequate reserves to cover general maintenance?
In the event you look solely at today’s home values versus the costs from a handful of years ago, there are some properties that seem like amazing values. For many of them, they’ll fail one of those huge five tests. Failing any, let alone more than a single one, can mean that values in that building are likely to fall even further. In a current market where home values are stabilized and now rising, there is no reason to take an unnecessary risk.
Buying a loft in Chicago can be a great investment if you buy in the right building. It’s still possible to find a great Chicago mortgage loan.
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