✅ What AI Will Do in Mortgages: Speed Up Approvals & Underwriting: AI can instantly verify income, assets, and credit. It reduces manual errors and shortens approval time from days to hours. Enhance Risk Assessment: Lenders use AI to evaluate risk more precisely, especially for non-traditional borrowers (e.g., gig workers, freelancers). Improve Customer Experience: Chatbots and virtual assistants handle common questions 24/7. Personalized loan options and real-time updates via apps or portals. Detect Fraud: AI is excellent at spotting red flags in documentation or transaction patterns. Automate Paperwork: AI can auto-fill forms, read legal documents, and streamline disclosures. ❌ What AI Won’t Do (Yet): Replace Human Loan Officers Entirely: Borrowers still want a human guide for major financial decisions. Emotional support, judgment calls, and trust still require human touch. Understand Complex Situations Fully: Edge cases like self-employed income, family co-borrowers, or mixed credit histories need human interpretation. Replace Regulatory Oversight: Compliance and legal accountability still rely on humans to interpret nuanced and changing rules. 🔮 Looking Ahead: Hybrid mortgage models (AI + human advisors) are becoming the norm. Lenders that use AI wisely will be faster, cheaper, and more customer-friendly. Borrowers may not realize how much AI is helping behind the scenes. 

Buying a condo is different from purchasing a single-family home, and it's important to understand the unique considerations involved. Here’s a comprehensive list of what you should know before buying a condo: 1. Understand What You're Buying Ownership: With a condo, you own the interior of your unit, but share ownership of common areas (lobby, pool, gym, etc.) with other residents. HOA (Homeowners Association): This governing body manages shared areas and enforces rules. 2. Evaluate the HOA Fees: Ask for the current monthly fees and whether they’re likely to increase. What’s Included: See what the fees cover (e.g., water, insurance, maintenance, amenities). Reserve Fund: Check if the HOA has a healthy reserve fund for unexpected repairs. Rules and Bylaws: Review pet policies, rental restrictions, noise rules, and renovation limitations. Meeting Minutes: Request past meeting minutes to identify ongoing disputes, major projects, or complaints. 3. Financial Health of the Building Special Assessments: Are there upcoming or recent one-time fees for big repairs? Delinquency Rate: A high number of owners not paying dues can be a red flag. Insurance Coverage: Confirm that the building has proper insurance coverage (you’ll need your own unit insurance too). 4. Location and Building Condition Location: Evaluate the neighborhood, proximity to work/public transit, schools (if relevant), and future development. Building Age and Maintenance: Older buildings may need major upgrades; review recent renovations (roof, elevators, HVAC). Noise and Privacy: Check unit positioning and wall/floor sound insulation. 5. Unit-Specific Considerations HOA Restrictions on Renovations: Can you remodel the kitchen? Change flooring? Storage and Parking: Confirm assigned parking, storage lockers, bike racks, etc. Utilities: Understand what utilities are included and how they’re billed. Views and Natural Light: Are there any plans to build next door that could block your view? 6. Legal and Resale Aspects Title and Liens: Ensure there are no legal issues tied to the unit or HOA. Resale Value: Check sales trends in the building; talk to a local agent about demand for similar condos. Occupancy Rate: Higher owner-occupancy rates often mean better-maintained buildings. 7. Financing Lender Requirements: Not all lenders finance condos easily—make sure the condo is on their approved list. Warrantable vs. Non-Warrantable: Some buildings are considered riskier (too many renters, lawsuits, etc.) and may need special financing. 8. Inspections and Disclosures Professional Inspection: Even if the HOA handles exterior maintenance, get an inspection for internal systems (plumbing, electrical, HVAC). Disclosures: Review all seller-provided documents carefully—especially HOA disclosures and financials. tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329