What is a condo or single-family mortgage?
A mortgage for a condo unit or single-family home is a loan secured by the collateral of some specific real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan. Return to Top What is a construction loan? A construction loan is a short term loan for funding the cost of construction. The lender advances funds to the building as the work progresses. Return to Top What is a share loan? Depending on where you live, you may know a share loan as a co-op mortgage, co-op apartment loan, or end-unit financing. A share loan is similar to a home mortgage. The difference is the collateral. The collateral for a single-family or condominium mortgage is the fee simple real estate. In a housing cooperative, the collateral is the cooperative “share” interest (certificate of membership or corporate shares). This cooperative interest gives you an exclusive right to occupy a particular dwelling unit in perpetuity (occupancy agreement or proprietary
