Home equity is the “amount left after subtracting the unpaid debt balance(s) on the property from the property's current market value as assessed by a valuator. It increases as the debts are paid off and when the property's value is appreciating.”
The more equity you build, the more advantageous the asset will be. This is why paying a mortgage is typically a better financial option than paying rent, as the former enables you to make an investment and experience financial benefits down the road.
Whether you’re interested in obtaining a conventional, FHA, VA or any other type of mortgage loan, Contour Mortgage will help you throughout the entire process. Not only can our trained and dedicated mortgage loan originators explain the pros and cons of each loan option, as well as their qualification requirements, but they will also break down exactly what you’ll need to apply.
To find a VA-approved condo, ensure you qualify, determine via the department's website whether the condo is approved, and consider contacting a reputable mortgage lender for guidance.
5 helpful tips to remember when you are moving into a new home.
