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Living the luxury condo lifestyle may seem out of reach to some, but purchasing a condo could be the start to a better life. The main advantage to owning a home is that every payment that you make on a mortgage is an investment towards your future. While renting may seem like the cheaper choice, when your loan or mortgage is paid off you own your property.
Condo living also has cost savings that homes do not. Most condos are run by an association, which requires residents to pay a fee to help maintain public areas like hallways and pools. In a residential home, homeowners are forced to do constant maintenance, along with maintaining the surrounding property. In a condo, everybody shares these fees.
ONE Las Vegas Condos
ONE Las Vegas Condos, a new luxury high-rise project, has a state of the art health club and spa. Residents of ONE Las Vegas can enjoy all of the amenities the property offers-- imagine how much you would save if you never had to pay for the gym!
Today's loans and mortgages are complex and confusing, but they are also widely available and a great tool to help people better their living situations.
Common types of housing loans:
Adjustable Rate Mortgage
Adjustable rate mortgages have an interest rate that is adjusted at certain intervals based on a specific index during the life of the loan.
Balloon Payment Loan
A balloon payment loan is a fixed rate loan that is amortized over 30 years but becomes due and payable at the end of a certain term. This type of loan may be extendable or may rollover into another type of loan.
Buy-Down Loan
Buy-down loans are fixed rate loans where the interest rate and the payment are reduced for a specific period of time by paying the interest up front to subsidize the lower payment.
Community Homebuyer's Program
Community Homebuyer's Program is a fixed rate loan for first-time homebuyers with a low down payment, usually three to five percent. It provides no cash reserve requirement and easier qualifying ratios. However, the program is subject to the borrower meeting income limits and mandatory attendance of a four-hour training course on home ownership.
Conventional Loan
Conventional loans are sometimes more lenient with the appraisal and condition of the property. Conventional loans are not government insured and usually have higher down payment requirements.
FHA Loan
The Federal Housing Administration under the U.S. Department of Housing and Urban Development insures FHA loans. These loans offer lower down payments and are easier to qualify for than conventional loans. Appraisal and property condition rules will be applied and loan amounts are limited.
Fixed-Rate Loan
A fixed-rate loan has one interest rate that remains constant throughout the life of the loan.
Graduated Payment Mortgage
The graduated payment mortgage is a fixed-rate loan that has payment starting lower than the standard fixed-rate loan, but then increases by a predetermined amount each year for a set number of years.
Non-Qualifying Loan (Assumable)
Non-qualifying loans are pre-existing loans, which can be assumed by a buyer from the seller of a property without going through the qualifying process. The buyer pays the seller for their equity and then starts making payments.
VA Loan
VA loans are guaranteed by the Veterans Administration. To qualify, the veteran must have served 180 days active service.
Thanks for your interest and if you have any questions or comments feel free to call or write us:
Phone: (702) 444-4321
Email: info@one-lasvegas.com
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