Condominiums, or condos for short, is a type of property ownership. A condominium owner owns a unit within a building or condo development. Condo owners can take out a home equity loan or home equity line of credit with the condo unit as collateral.

Condominiums may be classified as warrantable or unwarrantable. In most cases, you may qualify to take out a home equity loan or second mortgage on either type of condo.