Lender Policy on Window Bars
A friend of mine recently was blocked for a home equity loan by CitiMortgage because the decorative window bars on her garden floor did not have latches. The underwriter claimed that it was Citibank’s policy that all windows with bars must have latches or the bars must be removed from the windows in order for…
A friend of mine recently was blocked for a home equity loan by CitiMortgage because the decorative window bars on her garden floor did not have latches. The underwriter claimed that it was Citibank’s policy that all windows with bars must have latches or the bars must be removed from the windows in order for the loan to proceed. The brownstone in question is on a landmarked block and the bars on both the front and rear of the home are built into the building; so latches wouldn’t work because the bars can’t swing in and out. Further, alteration to the front window bars might constitute a landmarks violation. Any similar experiences out there? I would imagine that CitiMortgage does a slew of business with NYC townhouse owners and I’ve yet to see anyone with latches on these basement windows. Any advice?
Strange because we have our mortagage from Citi and window bars. It never came up.
I was denied a refi mortgage for the same reasons. The bank in question was in the midwest where they just didn’t get the whole idea of bars. I actually gave the mortgage broker historical texts, such as Lockwood’s Brownstone book, as well as historical photographs of the houses in all parts of NYC, including the UWS, UES and other tony nabes to show that these houses ALWAYS had the bars, regardless of the income level of the neighborhood, and that they were installed into the stone when built, and there was no way to put latches on them.
I also proved that besides the windows, I had 2 viable exits from that floor, and I was in code according to NYC fire regs.
Long story long, they didn’t go for it, and my mortgage broker had to find another lender, who never even asked about it, and I was able to refi. I would suggest that your friend get another loan elsewhere, unless having the loan thru Citibank is important for other reasons. I’ve heard horror stories about their mortgage and loan depts, especially if something goes wrong. Check the BBB, they have pages of complaints on their site.
They aren’t the biggest because they are the nicest. You’d think that they would have been able to take care of that with their underwriters, but I think most of their mortgage and loan business is done outside of NYC. Even with mortgage and loans for Manhattan and Bklyn brownstone houses or coops/condos, what percentage of those would be ground floor units anyway?
(I’ve been a Citibank customer for over 20 years. That doesn’t mean I love them, since I am only as good as my last deposit.)