Housing lottery discussions (#1) (Accord: companies, furniture, to sell)
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Thanks dabronxgal! Do we want until we are offered an apt to start the mortgage approval process or wait until an offer is made?
Keep in mind that many lenders will not give you a mortgage for a limited-equity coop. I have excellent credit and was rejected by Chase, Citi and Quicken/Rocket. I had to go with the Penn South Credit Union, which only offered an above-market interest rate and repayment periods of five or ten years. It will be nice to pay off the mortgage a lot sooner but my monthly payments are much higher than what I expected for a ~$50K mortgage.
Keep in mind that many lenders will not give you a mortgage for a limited-equity coop. I have excellent credit and was rejected by Chase, Citi and Quicken/Rocket. I had to go with the Penn South Credit Union, which only offered an above-market interest rate and repayment periods of five or ten years. It will be nice to pay off the mortgage a lot sooner but my monthly payments are much higher than what I expected for a ~$50K mortgage.
Keep in mind that many lenders will not give you a mortgage for a limited-equity coop. I have excellent credit and was rejected by Chase, Citi and Quicken/Rocket. I had to go with the Penn South Credit Union, which only offered an above-market interest rate and repayment periods of five or ten years. It will be nice to pay off the mortgage a lot sooner but my monthly payments are much higher than what I expected for a ~$50K mortgage.
Thanks, Incog79. You don't have to provide an exact figure, but is your mortgage around $600.00 a month, or is it higher?
Update from me, a person on the 2-bedroom list, currently number 117 on the external list.
We went to view three apartments about six weeks ago. Received the letter inviting us to do so just after we closed on an apartment in Brooklyn. Great timing, universe! For now we are playing along and agreed to buy any of the three apartments we viewed. We were number 17 I think, and (of course) the three apartments were taken by people with lower numbers. So now we have to decide if we will freeze our number or just keep viewing apartments until we inch closer down the list. We'd like to move to Penn South, but not at this exact moment since we just moved (and now own an apartment!). Many decisions to be made, especially financial ones, if we decide to move/sell, or move/not sell, or whatever.
The apartments themselves were very small and basic, but perfectly livable. Obviously the apartments with terraces/larger 2-bedrooms were not offered to us, coming from the external list. But I'm sure there are nicer ones one could move to once in Penn South.
Does anybody know what cable company services Penn South?
RCN is the cable company and the internet/cable rates are insanely low. I pay $33 for cable with premium channels and $30 for internet. But I understand that the internet prices are actually going down.
My electricity bill this month was $28!
When you win an apartment here - you just keep winning!
Keep in mind that many lenders will not give you a mortgage for a limited-equity coop. I have excellent credit and was rejected by Chase, Citi and Quicken/Rocket. I had to go with the Penn South Credit Union, which only offered an above-market interest rate and repayment periods of five or ten years. It will be nice to pay off the mortgage a lot sooner but my monthly payments are much higher than what I expected for a ~$50K mortgage.
There is a rumor that they are working on a deal with Citi to offer financing. The credit union interest rate is insane. I am hoping to refinance when the deal goes through.
Hi everyone, I'm new to this page. I got a letter 2 weeks ago to see a 1 bedroom apartment with a balcony. My number on the external list is 00640N. Originally I started off with number 0128. I was wondering IF we do get offered the house is there any lawyers involved the day of closing?
Hi everyone, I'm new to this page. I got a letter 2 weeks ago to see a 1 bedroom apartment with a balcony. My number on the external list is 00640N. Originally I started off with number 0128. I was wondering IF we do get offered the house is there any lawyers involved the day of closing?
The only lawyer would be if you take a loan through Penn South Credit Union - their lawyer is there to sign the documents and you will pay their fee as part of the loan closing costs.. You do not need a lawyer to represent you as there is nothing to negotiate - the rules of the coop and the shareholders agreement is what it is.
You can ask at the time of viewing how many people are ahead of you scheduled to view the apartment - this will tell you how many people have to reject it for you to be offered it.
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