Las Vegas’ own Trump Towers and Palms Place are both set to close in the first quarter of 2008. Buyers in both projects should be aware that condo-hotel minimum down payments for mortgage financing have increased substantially since your original purchase dates. Throughout 2006, Luxury Mortgage Group offered 95% Loan-to-value condotel mortgage financing. Today, in late 2007, our minimum down payment has increased to 10%. You may want to check with the institutional banks but be aware, they now have even higher down payment requirements - typically from 35% to 25% down minimum. Condotel financing for Las Vegas real estate units will continue to be challenging but rest assured, we remain committed to it. On the bright side, both Trump Towers Las Vegas and Palms Place already have 20% of your money down so you should not have to come in with additional money. As the mortgage market continues to trod through the current ’subprime meltdown’ and the ‘credit crunch’ we are in, pricing on condotel mortgages will increase as well. Average rates are becoming 1-1.5% higher than a conforming single family home mortgage. This may put a damper on your rental income expectations as your total monthly holding expense increases. To factor in these higher costs we recommend you setup a consultation with Jason Fox to give you the applicable numbers for your situation. Enjoy your unit, both projects have fantastic amenities and views.
If you are ready to become a client or have questions, please contact:
Call Jason Fox / President
at (702) 444-0400 x1
Continue on to our 2 minute mortgage pre-approval form.
Or complete our full online mortgage application.
Or if you would like further information, visit our condotel mortgage financing page of our HighRiseLoan.com website.
Tags: · financing for trump towers las vegas · Las Vegas · las vegas trump towers mortgage · lv · mortgage for palms place condo · Nevada · NV · palms place condo loan · Trump Towers Las Vegas · trump towers loan ·
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