WE HAVE THE BEST COOP MORTGAGE RATES AND LOANS FOR BORROWERS OF ALL CREDIT LEVELS

A Bank for Every Borrower and Every Co op Building.

When you buy an apartment in a co op, you're buying shares in a corporation along with a proprietary lease, allowing you (the "shareholder") the right to occupy space under specific restrictions. Since you're not buying actual real estate, co op loans are not mortgages.

Most co-ops are "stock" corporations with a governing Board of Directors. The co-op gets most of its income from the maintenance fees paid by shareholders that lease their apartments from the co-op.

Lending banks must first approve the co-op before it can approve you for a loan. The financial health of the co-op is as important as the borrower's. There are also guidelines about the rate of owner-occupancy in the building. We have banks that will finance in every Co-0p building regardless of the guidelines-with our vast selection of lenders, there's a bank for every borrower and every building.

The co-op has title to (or leases) the building and the transfer or sale of shares in a co-op is not subject to real estate laws. Deeds, mortgage notes, and title insurance do not apply. The co-op usually has an "underlying mortgage" on the entire building and then, you, the individual buyer of the co-op unit, obtain a separate co-op loan to purchase your apartment. The shares and the proprietary lease serve as loan security.

A healthy share of your monthly cost will be the co-op's maintenance fees-covering your unit's proportionate cost of building taxes, insurance, underlying mortgage, utilities and routine maintenance.

Most co-op boards must approve buyers and their financing before they can close. The boards can impose limitations on the amount of money you can borrow to buy your apartment. Some co-ops on the East Side require buyers to close with at least 50% cash… most co-ops allow 25% cash or less.

Co-ops are popular because they're usually the most desirable buildings (many of them charming pre-war architecture) and the closing costs are low compared to condos and 1-4 family homes. Expect to pay about $1500 (excluding lawyer fees and any points you choose to pay)-of which the up-front costs are generally about $550, covering application, processing, appraisal and credit check.

When you apply for your co-op loan, Best Quotes will get you a low, wholesale rate that you can lock in immediately.

If you're buying in a luxury co-op building that requires 50% cash, let us put that cash right back in your pocket-ask us about Negative Pledge Financing.

As a full-service mortgage broker, we offer a wide range of loans from government to non conventional for credit levels
from A to D.

Count on us today and tomorrow

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