A refinance condo is an investment that involves the sale of a property and the purchase of a new one. They are usually bought as second homes or holiday homes.
A refinance condo is an investment property with the potential to be sold at a profit. A refinance condo can be classified as either short-term or long-term. Short-term refinance condos are bought and sold in the short term and are typically purchased for only 1 – 3 years, while long-term refinance condos can be bought and sold for 5 – 10 years or longer.
What is a short-term refinance condo?
A short-term refinance condo is an investment property that allows you to make a quick return on your money. It’s also called: short-term housing, short-term rentals, short-term loan, and short-term mortgage.
It’s called “short term” because you can use it for a shorter period than a long-term loan or mortgage. And the reason why it’s called “refinance” instead of “mortgage” is because you can use this property for one year or more than one year and then sell it accordingly.
What is a long-term refinance condo?
A long-term refinance condo is a type of residential property sold to be held on the property for a long time and not be resold.
The properties are typically bought and sold by real estate agents who have worked with the clients to purchase the property for many years. The agent will buy the property from the client and then sell it to another person or company. You will only finalize the sale once all legal formalities are completed.
What is the difference between these two?
The main difference between long term refinance condo and a short-term refinance condo is that the latter allows you to borrow money against the value of your property for some time. At the same time, the former is a loan secured on your property. Therefore, if you have a short-term refinance condo, you can use it to pay off your debt or get rid of it. However, if you have a long-term refinance condo, you cannot use it to pay off your debt or get rid of it.