Expert: Lori Frankfort - 12/6/2009

Question
Hi, my girlfriend and I are looking very eagerly at condos in our area. I was wondering how condos are usually financed, and what kind of rates we should realistically expect as first time buyers with OK (700ish) credit. I have looked and looked and only seem to be able to find rates in the 4s for good to great credit. What terms and rates should/can we get? Thanks.

Answer
In the 4's is a good rate.  Try to get a 30-year fixed in the 4's.  A bigger concern I have is how you two are going to take title on the condo.  Without being married there could be big issues later on if you break up.  You should speak with a real estate attorney regarding how to handle this.  

Best,
Lori Frankfort