New Condo - How to Get Mortgage

I am happy to work with you, but you're in a place where the rules of the game are sort of the rules .. any lender is going to require a C of O as a condition of closing.

So you can shop around for lenders that will extend a loan offer before that C of O exists. (Almost all will). Those will divide further into two subcategories, banks that are following Fannie/Freddie guidelines and are going to require a % presell -- this is going to be BofA, Chase, Wells, Citi -- all the big guys. Most likely to not require that is going to be a bank that has a deal with the developer as a "preferred lender," or possibly your credit union, or possibly somebody that a broker like Guardhill comes up with. Best deal on rates is going to come, most likely, from the preferred lender.

Do not go into contract without a finance contingency "hoping that others will get into contract soon enough" unless you actually have the financial resources to buy the condo without a mortgage.

ali r.
DG Neary Realty

Ask the developer if they have someone lined up, in this market, you can't sell a new building unless the developer has a relationship with a bank.

"I am happy to work with you" - of course you are

I think Sasorisa meant a MORTGAGE broker, not a real estate broker.

Thanks, I will see if they have a preferred lender. The building's broker mentioned that their company has a finance department - so I wonder if that's who they are working with.

Yes, I plan on going over with my lawyer a contingency plan if a certain % isn't sold by a certain time...

Also, yes I meant a mortgage broker because they might have more lenders they know about - maybe a portfolio loan.

Your lawyer can negotiate a walk away clause in the contract if they have not sold enough by a specified date.

Thanks for the help - I have contacted a mortgage broker, a mortgage banker, and various banks for more info. In fact, I just found out that my husband is miraculously a member of a credit union (HOW I have no clue) but we seem set now. yay.