We, at MortgageDepot, understand coop financing better than anybody else. We have years of experience in coop financing and with that experience it translates into the most competitive coop mortgage rates and coop loan programs. So let us walk you through the most important aspects of coop financing.
The first thing that you have to understand is that there are few companies offering coop financing. Most lending institutions offer only traditional mortgages. This is so because coop mortgages are more complicated than traditional mortgages.
They are more complicated in several ways:
- First, Coop mortgages are more like shares of a corporation.
- Each share entitles you to a unit which you cannot sell without the permission of the coop board.
- This is why a coop – unlike condo – is not real estate. It is personal property.
Another aspect of coop financing that we walk you through here at MortgageDepot is the tax structure of coop financing. Because coops are considered personal property, taxes on them are very different from those on condominiums.
Through many years of working with coop financing, we understand what it takes to secure its approval. So we want to remind you that it is an extensive process which requires:
- Credit checks
- Employment history checks
- And many other procedures.
Contact us today to talk with one of our highly educated specialists and you will be surprised at how low our coop mortgage rates NYC are!