Fixed Rate Mortgage Refinance Loan SAN JOSE CA
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In this Article we shall focus on answering some common queries of San Jose CA mortgage borrowers:
What is a Planned Unit development & how does it affect my mortgage?
When looking for a home a borrower will come across many property types like Single family home, Town House condos. While a Single family home may appear to be a single family home what the borrower needs to understand is the legal structure of the of the Single Family Home. It could be that what appears to be a single family home in essence is a PUD or Planned Unit Development. One of the ways to understand the PUD is if the mortgage borrower is paying for his independent home owner insurance policy or to an association that maintains common spaces and utilities. The legal structure of the PUD is similar to condo.
What is a PUD?
A PUD is a community of homes that can include Single family home, commercial properties, condos and the like. The most common type of PUD are Single family homes and condos where the home owner makes a monthly or quarterly contribution to a Home Owner Association for the amount of space utilised by the borrower for his unit towards common spaces and their upkeep.
It is important to read by the by laws of association
its budget
Conditions and restrictions
Calculation of monthly or quarterly fee towards association.
It could be that having read all the terms and conditions a borrower may arrive to a conclusion that most of the cost for which he is obligated to pay to the association is something he doesn’t even need and he would be better off taking a Single Family Home that is not a PUD.
While refinancing specific document pertaining to HOA would be needed by the lender to study that appropriate reserves have been maintained for up keep of the property.
The documents are slightly different than a single family home and the property type is mentioned as Condo and the same guidelines apply as if it were a condo.
As long as the lender knows it in advance. They would be prepared for it.
Call San Jose CA mortgage expert below to get you the lowest mortgage rate on your refinance.
For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower.
30 yr fixed refi 3.807% APR 3.775%Rate | At 0 pts
20 yr fixed refi 3.500%APR 3.500% Rate | At 0 pts
15 yr fixed refi 3.044%APR 3.000% Rate | At 0 pts
10 yr fixed refi 2.940%APR 2.875% Rate | At 0 pts
Artical by Roger Shanker
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