Mortgages
Dazzled by overload of websites and ads… any leads on best interest rates and fast processing for mortgage for coop? (no problems, approved building, good credit etc). thanks!
Dazzled by overload of websites and ads… any leads on best interest rates and fast processing for mortgage for coop? (no problems, approved building, good credit etc). thanks!
RATES ARE:
LOAN AMOUNT =<417,000
4.875% – 30 YEAR
4.75%- 20 YEAR
4.25%- 15 YEAR
3.75%- 10 YEAR
IF LOAN AMOUNT IS OVER 417K RATE IS SLIGHTLY HIGHER.
Vanessa Thatcher
ATLANTIC HOME CAPITAL
Tel: 631-687-3510 x106
EFax: 631-918-5222
Cell: 631-672-4113
http://www.atlantichomecapital.com
I GUARANTEE the best deal out there. 2-3 weeks to close.
Please give me a call.
Vanessa Thatcher
ATLANTIC HOME CAPITAL
Tel: 631-687-3510 x106
EFax: 631-918-5222
Cell: 631-672-4113
http://www.atlantichomecapital.com
I used Adam Dahill for my coop mortgage. I don’t think the rate I got is any better than the banks, but he certainly made the process easier and smoother, and knew which banks to approach.
Thanks. I was not planning on doing this via the internet, just looking there for rates and asking for good experiences with banks. I would like to avoid the brokers fee if possible. What is it like to walk into a (recommended) bank and doing it yourself? It is that recommendation I was looking for…
partly agree with mopar. wouldn’t go with random internet sites b/c of the co-op thing BUT you can talk to any of the big banks or mortgage brokers that do business in NY. all of them will know about co-ops. i personally like working with brokers b/c they compare the rates for you and deal with the bank etc. the rates you pay with brokers are the same or lower than what you’d pay contacting the bank by yourself (so no downside). adam dahill used to post a lot on here and people have always recommended him as a broker.
If you already know the apt you want, ask the bank if the building is on their “pre-approved” list. And, also ask what their owner-occupancy requirement is. Knowing those 2 things can save you a lot of time (for example, I know Chase requires 70% owner-occupancy, so if your building is only 65%, don’t even bother).
You cannot get some random mortgage broker or firm off the Internet for a coop. They will say they can do it, and then when you are one day from closing, they will say, “Wait a minute, what is this coop thing? This isn’t real property? Oh, sorry, this unit is not eligible for a mortgage.”
You must go with a lender who does business in New York City, such as Citibank or Wells Fargo. And you have to contact the right people in those institutions.
When I bought a coop, I used Elise Leve at Manhattan Mortgage, and she is just fantastic. Super fast, great rate, great closing costs, everything perfect. Manhattan Mortgage does a huge amount of business in coops in New York City. They have a great reputation.