Things to know for Condo Financing

Financing

Most of the Condo in Ocean City Have condo association dues and they cover the cost of  maintaining the exterior maintenance of the building and replacement costs such as roofs and siding. The dues also cover the Master Insurance policy for the building which includes the flood coverage. The average cost for condo dues range from $2,000 to $6,000 annually. 

Investment properties tend to have a higher mortgage rate than a vacation second home mortgage. 

There are many mixed use condo buildings in Ocean City. Some buildings have commercial retail space or they have businesses owned by developer which generate revenue. Sometime this effects your financing or could result in a alternative financing from a specialized mortgage lender.at a  higher rate. Most of our local Banks will mortgage these properties that have retail/businesses in them. 

You will need at least 20% down on n a building with businesses in them. Most condos in Ocean City only need at least 10% down.