New York Mortgage Finance

1.  Co-op boards prevented anyone incapable of repaying a loan from buying, despite the fact  that greedy mortgage brokers may have approved. 2.  The dollar continues to be weak and shows no sign of letting up, continuing to make New York City the location of a global shopping-spree for foreigne...

A nationwide survey conducted by Bankrate.com showed that New Yorkers paid considerably more closing costs than in other states.   found that while closing costs are lower than last year, residents of some states continue to pay considerably more than others. The average closing costs varied wide...

 Bloomberg reported today that NY State is investigating Manhattan real estate, specifically price inflation. Attorney General Andrew Cuomo issued suboenas to leading NYC appraisal firm Mitchell, Maxwell & Jackson as well as leading NYC mortgage broker Manhattan Mortgage. From Bloomberg: "Y. Davi...

Despite the slumping housing markets in the rest of the United States, Manhattan apartment values continued to buck the trend, REBNY just reported.  The average sales price in NYC is up 23% to $745,000 in Q1 2007.

Of course the fundamental difference between a co-op mortgage and a regular mortgage loan is that the property used as collateral for the loan.   A condo or a single family home is real estate, and a co-op apartment ownership is signified by shares of ownership in the co-op corporation that owns...

With the proliferation of property value websites across the internet, customers have become more aware, informed and confused about the actual value of their homes.  Long the dominion of the local real estate agent, local property value now is automated and visible to all, from an easy google ma...

Customers and lenders unfamiliar with the New York City landscape often are concerned when they find that their property sits on leased land.Leased land is relatively common in New York City, some of the most prominent buildings in Manhattan are built on leased land.   The rule of thumb is simply...

Getting a HELOC on a Co-op ApartmentObtaining home equity financing on your Co-op is not difficult from an underwriting standpoint.  You will qualify basically with the same guidelines as a bank would apply if the property were a single family home.  Typically, Lenders will go as high on Loan to ...

New York City homeowners are especially challenged with a series of unique challenges related to mortgage finance.  We hope to shed some light on these issues and the methods used to deal with them.  Included are -Co-op board approval- Negative Pledge Loans-Mortgage Tax-Using a CEMA to avoid mort...