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I got very lucky and won an apartment within the Penn South Co-op developments. The apartment itself costs $110,000 and I can mortgage at most 75% of it, so $82,500, from a bank.
My question is: Where in NYC can I get a mortgage for something like this? I suspect that the Credit Union does overcharges but I can't be sure until I check with other offers. In their sample calculations, they would give me a 10-year mortgage for $82,500 at an interest rate of about 7%-8%, which I think is high because I have a >700 credit score. I would also like to have as long a mortgage as possible so that my monthly payments are as low as possible.
Where do people typically turn other than the Credit Union?
Mr. Cooper (formerly known as continental mortgage company) offers mortgages. They exclusively offers mortgages. I find mortgage companies are easier to deal with than banks and credit unions. I guess this may be because their exclusive line of business is mortgages so they need to be competitive (with rates) and efficient (timely closing). We considered using MCU credit union for one of our mortgages but they seemed so inefficient and was slow with follow-up answers to our questions and concerns. My friend used Chase and she said she had a good experience.
P.s our interest rate for a 30 yr mtg is 3.8% with low 700 credit score. I recently referred a friend for a mortgage. She has high 600 credit score and was offered 5 %. An interest rate of 7 to 8 % sounds very high. Unless Co-ops are offered higher rates.
Did you ask on the Penn South thread? There was some mortgage discussion on there.
Second this, I believe there are specific lenders you need to use for Penn South. I've been following that thread (mostly because I'm kicking myself for not applying during the last lottery!) and think I've seen Penn South Credit Union and Cap One as options.
Financing Your Purchase
Applicants are permitted to seek a mortgage from any lender. At the point when you are called to view available apartments and screened for eligibility, we will provide a list of lenders actively making loans in the co-op.
P.s our interest rate for a 30 yr mtg is 3.8% with low 700 credit score. I recently referred a friend for a mortgage. She has high 600 credit score and was offered 5 %. An interest rate of 7 to 8 % sounds very high. Unless Co-ops are offered higher rates.
I don’t think anyone can get interest rates in the 3s right now, no matter how good your credit. Those all time lows are not available now. Mine was in the very low 4s with a FICO of 790.
Some co-op management office prefer some bank. Right now the interest rate% is higher than 2 years ago. But you can always do re-fince after that. Or just apply 30 years, and pay more every month to save interest.
"Did you ask on the Penn South thread? There was some mortgage discussion on there."
How do I find the "Penn South thread"?
I searched for Penn south and all I found was a thread named "Penn South Roommate".
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