Also, beware of communities in transition. If a community is on decline, you can often find a lot of condo openings but you can end up losing big when you try to unload property later on. Do your own market research and don’t rely solely on your broker to figure out if rate of appreciation would be conducive to condo ownership in your area.

Also, watch out for oversupply. If developers get ahead of themselves and flood market with empty condo units, it can take a long time for you to recover your investment.

However, if you live in densely packed, affluent urban area like parts of New York City, Miami or Los Angeles, a condo can yield almost same rates of return as average single family home.

Do some research, get professional advice and weigh your long term goals carefully if you are thinking about purchasing a condo.

There is usually a lot to learn before you close on your home loan. A mortgage broker has a built in advantage of years of training and experience. He or she can look at your loan documents and spot troubles ahead of time. As with any type of major contract, it is much easier to spot and correct problems up front than three or four years down line.

Mortgage brokers usually have one of two types of professional arrangements: they can make money from borrowers by charging a fee for their counsel, or they can make money from mortgage lenders for bringing in new clients. Neither arrangement is free from abuse.

So ask a lot of questions up front, and ask for referrals from other home owners who have used their services in past. In addition, take time to read every document that comes your way and ask questions if you’re not sure, or if you’re feeling pressured.

To find a qualified mortgage broker, do a quick search online or ask for referrals from homeowners in your town.