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Ty Brown


Senior Loan Officer (13 years experience)

Purchase Loan,
Home Equity


  • (29 Contributions,
  • 0 Best Answers,
  • 4 Helpful)

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I need information about condo loans.


All good advice, but you mentioned that this is a new condo project.  I would recommend checking to see how many units are already sold and occupied.  Also check on how many are owner occupied and get a copy of the projects financials if possible.  Some condo projects with few sold units can be difficult to finance at attractive terms. Giving this information to your lender upfront can save you a lot of time. 

Appraisal fee


When you order and pay for an appraisal you are buying a product.  If the appraisal is performed then you are not usually entitled to any refund of the appraisal fee.  When you are requesting a mortgage from a lender you are telling that lender that your home is adequate collateral for the loan requested.  The burden of proof is on the borrower.  If you cancel you application the appraisal is still yours to keep.    

Source of Down payment


Just a gift letter and verification of the deposit of the funds is all that should be required.   With the size of a down payment seasoning of funds is not required. 

rate change right before closing


If the underwriter determines the property to be investment property this will change the rate.  As a borrower you always have the right to decline the loan offer prior to signing.