What is a condominium?
The Bankrate.com financial term of the day is: "Condominium"
A condominium is a home that you own, surrounded by property that's shared. You hold the title to your living unit, while you and your neighbors together own the outside common areas and amenities, which can include lawns, landscaping, the parking lot and any swimming pool. You help maintain all of that stuff by paying a monthly fee.
If you want homeownership without the yard work, a condominium may be for you.
To find a great rate on a home loan, visit the Mortgage section at Bankrate.com.