Property type refers to the purpose/design of a property. In residential, the most common types are SFR [[link to SFR point in page]], condo, townhomes, and multi-units. In commercial, you’ll see types like ‘commercial multifamily’, retail, industrial, medical, mixed use, etc.

Property type impacts lender qualification and the rate you can secure tremendously. Condos, for example, are more likely to incur damage bc they have shared walls when compared to a single family home.

See table below for more details.