MORTGAGE Blog & ARTICLES

+1 888 882 0786

Mortgage for Micro Condo: Is it Really Possible?

micro condo

Are you dreaming of having a micro condo of your own? It is for sure that you want to start your life and be independent from your family. Purchasing for your own condo can be the best option for you. But reality says that purchasing such property is not easy. You need an ample amount of money just to have one. Some would say that you can have your own condo through applying for mortgage. The question is—can you purchase a micro-condo through mortgage?

 

Knowing more About Micro-condos

Micro-condos have really become popular most especially to young professionals who are working in the city. Rather than driving from their residence to their workplace, some have chosen to just have their own condo near their offices. That is why purchasing a micro-condo is their best option. The problem here is that there are lenders who have restrictions when it comes to the size of the property. There are some that does not allow someone to apply for mortgage most especially properties that are less than the measurement of 500 square feet. More or less, if you don’t know the policy of a bank or an institution, your application will be rejected right away.

 

Don’t worry because there are already some lending institutions that approve mortgage even if you own a condo less than 500 square feet. Before you ever apply for mortgage, it will be best to talk to a mortgage expert.

 

Share Button

Mortgage Rates
STOP! Before you apply for a mortgage through your bank, make sure you are getting the best rate! Compare the best mortgage rates in Canada right now. It will take only a minute, but you will be surprised just how much you can save! We at Resourceful Capital Financial Corporation source our rates from all financial institutions, not just the one's that deal with us. To make sure you make a sound and prudent financial decision and get the best possible mortgage.
BEST MORTGAGE RATES
Refinance Calculator
Resourceful Capital Financial Corporation's refinancing calculator will help you decide whether to refinance your existing mortgage at a lower interest rate.
REFINANCE CALCULATOR