Ethical 30-year fixed co-op mortgage in NYC?
May 20, 2014 6:04 AM Subscribe
. We want an affordable 30 yr fixed 80% LTV co-op loan that underwrites quickly - but! With either ethical considerations or portfolio from a local lender. Need reccs. for lenders and especially loan officers please; or really savvy NYC mortgage brokers.
I'd like to display some ethics about borrowing money. Rather than just hand many tens of thousands in interest and fees to Citi/Chase etc, or get a mortgage with someone who will just sell it to one of the faceless vampire squids, I'd like a portfolio loan or to get one from a local bank that is somewhat ethical.
Please only give advice if you're NYC real estate savvy, as this is a special market.
We're interested in 30-year fixed rate co-op loans, with 80% financing in the mid to high $200 ks (so no jumbo!). We have excellent credit.
Does anyone know
i) whether there are portfolio loans from entities with a good customer service record that can offer competitive rates to the other lenders; I'd like to know who I'm dealing with over the next 30 years.
ii) I'm also interested if a lender has a particular ethical stance. If there are credit unions that support local communities, for example.
The problem is as our (excellent) mortgage broker puts it
"A lot of the credit unions don't lend on coops. There are some local and regional portfolio banks who do lend on coops but have a reduced loan to value and portfolio lenders aren't typically competitive on the 30yr fixed…..I do think the local lenders would have a more customer-orientated approach to servicing the mortgage but I don't see them as being more beneficial than the big banks in terms of rates. The other downside to portfolio lenders is that they tend to be very slow underwriting a loan. "
Please recommend both institutions and especially loan officers you have had personal experience with who are familiar with the NYC market, and have quickly underwrote loans and fulfilled the criteria above.
Alternatively if you had a super engaged mortgage broker who knew about this stuff. Thanks hivemind!