Co-op

dandg Posted: Mar 07, 2005 01:19 PM

Co-op

Does anyone know of a mortgage company that offers mortgages for co-ops?

dkwife Posted: Mar 07, 2005 01:21 PM

Re: Co-op

They all should

kittyke Posted: Mar 07, 2005 02:33 PM

Re: Co-op

They all don't - I know HSBC does. Also - be careful, even if the bank says 5% down is fine, check with the co-op board. They required more down for me.

dkwife Posted: Mar 07, 2005 03:42 PM

Re: Co-op

Posted by kittyke

They all don't - I know HSBC does. Also - be careful, even if the bank says 5% down is fine, check with the co-op board. They required more down for me.

OK, my bad... I know a lot do... BONY, Citibank, chase...

Chloegirl Posted: Mar 07, 2005 04:08 PM

Re: Co-op

I would stay away with HSBC...they caused some problems and delayed our closing for no reason....they held us up and worked much slower than they should have.

I would go with Chase....they were our second choice.

nov04LIbride Posted: Mar 07, 2005 04:38 PM

Re: Co-op

I would stay away from BNY--they were awful! And the co-op we were looking at required 20% down and only went through 2 banks (it was going from rentals to co-ops).

RedHead Posted: Mar 07, 2005 04:59 PM

Re: Co-op

Wow...i am sooo glad i looked at this...went to BNY TODAY and got some info on mortgages

Moehick Posted: Mar 07, 2005 05:10 PM

Re: Co-op

We went with Citibank...no problems

Danielle Posted: Mar 07, 2005 06:32 PM

Re: Co-op

I did Citibank... it just took FOREVER... that is my only complaint.

ETA: it's really CITIMORTGAGE... oops

IrishBride-05 Posted: Mar 08, 2005 08:16 AM

Re: Co-op

Not all banks do co-ops. I originally used Chase - they were good and had competitive rates. When I refinanced last year I did a lot of research and went with Fleet, who are now Bank of America. Chase could not beat the rate Fleet gave me, HSBC were the second best and BoNY was the highest.

I actually prefered the service I got from Chase. Fleet were a nightmare doing the refinance, but it was worth it for the rate I got. Co-op mortgages are generally problematic, but, if you check with the bank you are using they may already have the development you are buying in on their 'approved' list and that should help move things along.

dandj Posted: Mar 08, 2005 07:21 PM

Re: Co-op

I just got mine through Citibank

NPbride Posted: Mar 08, 2005 08:18 PM

Re: Co-op

Ridgewood Savings Bank does co-op mortgages. I'm actually getting my mortgage through BNY and I haven't had any problems. They actually are really swift in getting e/t done and they've been really good at returning my many phone calls!