I've heard that it's out there, but I'm really not sure how you can do it.

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.

Hi B,

I'm a Realtor not working in lending but I also have 20 years experience in the mortgage industry so for getting a simple answer to your question, I have heard our office in-house lender say that there are up-ticks for condos these days. Aside from the cost of money, rates are also determined by risk assessment. That's why the interest rate is higher for less money down too. The current market conditions have proven that the condo market is softer than the single family home market so there is a higher inherent risk for a lender/investor making a loan on a condo right now. This is not the first time in history that condo rates and terms have been different from those for single family homes.

Good luck,
Judith Gottesfeld
310-622-7441
JG4RealEstate@yahoo.com

Hi Bobaboba,

The rates and also the other charges are not the only things to be compared.

Mortgage Planning is very very important. Mortgage is a long term commitment. Are you getting the best advice?

Bobaboba,

My guess is that your real issue is not the condo hit, but that this lender is making you feel like they're putting the genie back in the bottle. Consider these two scenarios:

1) Everybody responds with "Yes" on the blog. Does that make you feel good about 5.25%?
2) If the website rate was 4.75% and you were told the condo was 5.000%, do you still want to get 5.000%?

The point I'm trying to make is that you need to trust the lender before you get the rate quotes. Put your energy into finding the best person to help you, instead of into finding the lowest rate. And more than likely, you'll end up with the best rate too.

Let me know if I can help.

Best regards,

Rob Spinosa
rspinosa@mortgagemasterinc.com