Coop buying or refinancing presents and entirely different set of challenges for home buyers than a standard mortgage. There are some factors that will come into play when obtaining your New York Coop mortgage rates that single family home mortgages don’t cover.
One of these is the underlying debt of the building itself. Coops in New York were at one time considered to be a very sound investment and provided an excellent tax break to the owners of both the building and the units themselves. The underlying mortgages were refinanced readily in the times before the housing market took a strong hit and banks tightened up their lending policies.
The number of sublets the building has is also something lenders look at and the higher the percentage the less likely they will be to underwrite a mortgage. When you are looking for mortgages in New York come to our mortgage company MortgageDepot for an advice. We have built a solid reputation as a leading New York mortgage broker helping thousands of people get into the homes they want.
Navigating mortgages in New York can be difficult enough for the average home buyer, and coops in New York are even more so.
Loan professionals at MortgageDepot can help you to find the best possible deal on your financing and will know what lenders look for when financing any type of dwelling.
With all the changes in laws and rules of lending, we can help coop buyers thread their way through the lending minefield and reach the safety of their new home.
Get in touch with one of our loan consultants for more information