Can I Finance my Garage Condo?
Absolutely. We have found that local lenders in most every market are interested in making loans on well-planned, conveniently-located, quality-built storage condo units. At GarageCondos.com™, we work with each of our GCDA member developers to identify and educate local lending sources about garage condos and the benefits of lending to our unit buyers.
Historically, lenders have based their loans on the quality of the borrower. In some instances where a small business is buying the unit, loans have been based more on the metrics of the business enterprise. However, buyers with better financials and credit scores typically get lower rates, higher loan-to-values, and longer amortization periods.
A very common GarageCondo™ loan looks like this:
- 20% to 25% Down Payment
- 4.0% to 6.0% Interest
- 5 Year Loan
- With a 20 to 25 Year Amortization
The payment will, of course, vary depending upon the purchase price of the unit and the rates and terms you are able to obtain.
Feel free to play with the mortgage calculator below to see what your monthly payment might be. Obviously, with current economic conditions and banking regulations changing, you will want to work directly with your local GarageCondos.com™ builder or sales associate to explore location- specific options available to you.