Mortgage financing of cooperative apartments (also called “coop” or “co-op” apartments) in Florida has its own peculiar challenges (and opportunities). In spite of these challenges, it is possible to finance cooperative apartments in Florida, depending upon the particular cooperative. The following should be noted: It is wise to work with a lender accustomed to financing …
Adjustable Rate Mortgage: This type of mortgage may start off with a lower “teaser” interest rate that stays fixed for a specified time, then adjusts periodically depending on changes in the market interest rate.
Appraisal: A report made by a certified or licensed expert who states his or her reasoned opinion of the fair market value of the property generally based on a comparison of that home with comparable homes in the same neighborhood that either are presently on the market or have sold recently.