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Getting the Most From a Mortgage Lender

Unless you buy with all cash, you know you’re going to need a mortgage.

 

Just as you want a real estate agent who understands your needs, you want a mortgage broker who is on their game and can facilitate a smooth transaction.

Mistakes can waste time—and money. Using a broker who is familiar with your property type will make the mortgage process go smoother.

Your mortgage broker should be armed with knowledge of products, knowledge of how to navigate the co-op questionnaires, and knowledge to customize what suits each borrower. Sellers will notice if your broker is from out-of-state and it may become a stumbling block to an accepted offer!

That said, going with a big name bank doesn’t ensure smooth sailing. Trust your buyer’s agent’s advice on which brokers to use. They know a lender’s reputation, past performance, and the relationships they have.

 

Pedro Paredes, Licensed Real Estate Agent at The Bizzarro Agency, has some pressing info on what you need to know about obtaining a mortgage.

 

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Securing a Co-op Mortgage

Finding the right financing to purchase a New York City co-op can be tricky.

 

Traditional mortgages cannot be issued to apartments within cooperative buildings. Avoid costly mistakes by making sure your mortgage lender understands the uncommon process.

An experienced bank will know to review your finances AND the finances of the cooperative as well. They may even keep a list of ‘approved’ buildings that can expedite your financing.

A co-op board’s standards can also be quite different and/or stricter than your bank’s… Including the types of mortgages allowed, down payment restrictions, and debt-to-income ratio caps.

So make sure your real estate team includes a hyper-local buyer’s agent and an experienced mortgage lender.

 

Pedro Paredes, Licensed Real Estate Agent at The Bizzarro Agency, has some pressing info on what you need to know about obtaining a mortgage.

 

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