Shopping for Coop Morgage

Stay away from Citimortgage. The company is too large and it is difficult to reach people and to get the answers you need.

You'd think Chase would suck, due to their size, but I've found them to be pretty good. They have a decent list of co-ops which are pre-approved, like, even ones you wouldn't expect.

I recently used Chase Home Mortgage and was very happy.
They approved a co-op that was not on their list for us.

Kieu Luu, loan processor
866-330-1880x18433
kieu.v.luu@Chase.com

I also used Chase recently and they were on top of everything! Phone calls were returned promptly and they also alerted me to a potential problem during their credit check which could have killed the deal with the co-op board. Was able to correct mistake on credit report and get letter in time for co-op board. Also glad to have corrected credit report! When buying property, it's a good idea to check credit rating WAY ahead of time and fix any mistakes!

Oh, I forgot! A few weeks after we closed on the apartment, I received a phone call from a company asking about Chase's mortgage service. They were very interested in how the process went. I was very pleasantly surprised by the call and was happy to answer their questions! It shows how interested they are in the mortgage market and their staff!

Are these Chase cheerleaders working AT Chase, or are they Chase? Is Chase commenting on itself?

The number I posted is the loan processor that did our co-op loan.
I'm not with Chase at all, just gave a contact as requested.
They were very caring and quick.

we used chase as well-got the offer through lendingtree.com. we had great experience with lending tree as well-got some good offers. not a scame. don't use wells fargo-they screwed up something with our insurance, and they were slow and total pitas in dealing with it.

A mortgage broker told me that if I want to get the mortgage from Chase, he can get overall better rate and fees for me from Chase than I would if I contact Chase directly, because he gets whole sale rate from Chase and I get retail rate. Is this true?

we got our coop mortgage through:

Tony C. Choi
Account Executive, Consumer Real Estate
Bank of America, N.A.
Office: (212) 747-7117

the rate that he gave us, if we were to get the same loan via eloan (if it's a condo, since elone doesn't do coop) we would have to pay 1 point more. that's huge savings over already low eloan rate. plus the guy's very knowledgable and helpful a true professional

about wholesale/ retail rates

yes a mortgage broker can (actually always) get wholesale rate from banks, while you can only get retail rates, BUT most of the "savings" ended up in the broker's procket, that's how they make a living, and in some cases, after you pay all kind of fees, you'll actually ended up more if you go with a broker than go to a branch.

bottom line- mortgage is a very very complicated and tricky business, so if you're not very familiar with it, my advise is to go to a branch

I'm one of those Chase cheerleaders,(see posts 5 and 6) and no, I have no ties to Chase whatsoever. I asked my lawyer who he recommended and he gave me the name of three banks which included Chase. Considering that my first real estate transaction more than two decades ago nearly fell apart due to a shady mortgage broker, I wasn't taking any chances this time. Over the years I've had several other real estate transactions and refinances, so I'm very familiar with the do's and don'ts. Years ago, during a refinance, this gal came to our home to "close" the mortgage and all her numbers were just plain wrong. She got on the phone with her boss and said, she'd come back the following day to complete the deal, and by the way, we'd have to pay for her time BOTH days. Anyway, we got the mortgage and nixed her fee all together due to the fact that she wasted our time! We told the mortgage broker that if they wanted us to close on the mortgage they would have to eat her fee! Clearly they did!

Regarding Chase, I first went on their website, as well as the two others recommended by my attorney. At the end of the day, my Chase mortgage counselor who was located in Columbus, Ohio, began processing my loan application. Again, the process went smoothly and he alerted me to a mistake in the credit report. While it would have no bearing on me getting the mortgage at the prime rate, he told me how it could potentially harm my deal with the co-op board. I then read everything there was to read about credit reporting, and immediately corrected the problem. I received a letter from the collection agency representing the company that indeed it was an error, so I could include it in my co-op interview dossier. Under normal circumstances it usually takes three months to correct a credit report. In my situation I couldn't wait three months. Had the co-op board initiated a credit report, they would have seen the "problem." Instead, thanks to the Chase mortgage counselor, I had my letter and everything went smoothly with the mortgage application and the co-op board! Several months later, I checked all three credit agency reports and the mistake was corrected and withdrawn from my history.

Reiterating post #6, a few weeks after I closed on the co-op, a company representing Chase called to find out if I was happy with the mortgage application process. Clearly, they are interested in providing stellar service.

Hope this info helps others. Remember, BEFORE looking for real estate, and WAY BEFORE looking for a mortgage --CHECK YOUR CREDIT REPORT AND CORRECT ANY ERRORS! According to what I've read, credit reporting agencies are notorious in collecting bad information regarding your credit! And they are notorious about not correcting errors!!!!

"Are these Chase cheerleaders working AT Chase, or are they Chase? Is Chase commenting on itself?"

I have nothing to do with Chase. I've used them a couple times, and thought they were good, but I just used whichever broker answered the phone; for some reason, they don't keep your info on file (like, to look at your previous business with them). The current guy I'm using actually told me what discounts I would get, and what would come out of his cut.

Speaking about “check your credit report before looking for a mortgage”, I am looking for mortgage now and will probably make a decision in 1-2 weeks, should I go ahead check my credit report now, or leave it for the mortgage bank to handle in 1-2 weeks? I heard that “credit inquiries” stay on the records for a couple of years and it impact my credit score negatively.

Hope this link helps to understand what you need to know before applying for a mortgage
http://www.realestatejournal.com/buysell/mortgages/20061121-sichelman.htm

also read Liz Pulliam Weston's book "Your Credit Score" especially if you find an error in your report.

The above link doesn't work but this link is a short cut to the article!!!
http://tinyurl.com/2ldajf

I you request your own credit it does not affect your credit score but multiple lenders running your credit can affect your score. There is a period of time I believe it's 2weeks that multiple inquires for the same thing such as a mortgage appear as just one inquiry. Also, when if your running your own score, I suggest you use myfico.com, there scores are usually closer to what the lenders will get.

in nyc best to use companies who do a lot of biz in nyc. chase is huge here, citi does plenty, north fork, etc, nyc is a different animal. for ex, most chase and citi rates are the same from coop and condo.

What do you all think about the following: http://www.consumeraffairs.com/finance/chase_mortgage.html

Eibhlis of Bronxville NY (12/06/06)
I found out accidently when I called with a simple question about my current mortgage that my mortgage payment had jumped up by $300. After speaking with customer care reps,they insisted that my escarow had increased secondary to an increase in my city and village taxes. I investigated it thoroughly and found it to be not true. I had the proper documentation sent to run a new escarow analysis. After 3 months of having to put my mortgage pmt in a suspence fund not knowing if this is going to have an impact on my credit, i am still waiting for chase to lower my pmt's back to what they are supposed to be. If this keeps up i will have paid over 3k and change to chase while they make interest! I spoke to their executive offices who have not been helpful in assisting me. I will never knowingly use them!

Bruce of Arlington TN (11/29/06)
My mortgage loan was purchased by Chase mortgage. Since thenI had an ice maker line break and flooded the first floor of my home. My insurance was prompt to work on the problem. I got estimates and my insurance issued me checks endorsed to myself, Chase mortgage and the contractor. I paid the first contractor to speed up the process. Chase is holding the checks until 90% of the work is completed. I owe less than one third of my property value and still have to pull teeth in getting my house fixed. I have been living on bare concrete floors with pits in them. Chase refuses to endorse the check for the work I paid for out of my own pocket. This comompany is a Joke and should be put out of business for their buisiness practices.

I am converting my loan to a home equity loan with another lender. I am also planning to establish a website for people to advertise their experience with Chase Mortgage.

Sheila of Navarre FL (11/10/06)
We lost our home due to hurricane Ivan (over 2 years ago). We have never missed a payment or been late to Chase on our mortgage. When we rec'd the first check from our insurance company, we had to send it to Chase so they could hold it and dole it out as they saw fit. Anytime we needed more money we had to jump through hoops for them and then it would take 3 or more weeks. Contractors were wondering why it was taking us so long to pay them when we had already settled with insurance company. It is a big scam. They hold the money collecting interest and then act like they are doing us a favor to release 1/4 or 1/3 of it when we are already in debt twice over. Our new house is almost finished, we are waiting for an inspection from Chase, and they have promised to release all funds after the inspection. I have many doubts.

Had to use my teacher retirement money to pay for rebuild. Had to take out another loan to pay for the rebuild. Can't understand why Chase has to sit and hold all of our money.

Carolyn of Oakland MD (09/29/06)
I sent Chase a check for the amount of 108,250.14, this was my principle balance due on my mortgage. This check was sent 9/14/06. I had already made Septembers payment on the 1st of Sept. When they received the check to payoff my mortgage they held it for 2 weeks then sent it back to me and refused to accept it saying I owed $1,187.49 in interest because I was being penalized for paying my mortgage off early. The statement and check was returned to me saying they wanted this additional amount send. This is highway robbery. I have never been late, infact I always paid early. How can they do this?

I had to go to my local credit union and borrow the additional 1.187.49 and send them another check for the amount of $109,475.64 even though I didn't owe this amount. I hope and pray they will release my deed. This company are crooks. I called Chase several times telling them I didn't owe this, all they would say is you are being penalized for paying your mortgage off early.

.....................................

I also used Tony Choi of Bank of America. Very helpful. Always answered calls promptly and if he did not have an answer, he would call contacts while I was in his office on speaker-phone! Excellent service and will use him again. Very professional and thorough. Also, offered the best rate.

And I had a great experience with Wells Fargo. They may not be HQ'd here but they do a lot of coops and condos in NY. It was my best rate.

What do you all think about the following: http://www.consumeraffairs.com/finance/chase_mortgage.html

i think they should spell article

Tony Choi’s quotes today are much higher than Citi, Chase and Washington Mutual, etc.

call ny mortgage ask for valerie fader

I am a real estate broker and the only mortgage broker I recomend is Apple mortgage (not part of Apple Bank) 212-221-6666

Many lenders DO NOT make loans to co-op buyers. Therefore, when contacting a lender, one of the first questions THEY ASK YOU is for the address of the property and then they look at list that says whether or not they approve co-op mortgages to that building. When the property is on an "approved list" often the rate quoted is higher than a traditional mortgage rate.

I highly recommend Kazuo Mizoguchi from Citibank.

We are buying a co-op.
Whenever we had a question or something turned up, he got back to us immediately, which is priceless when you need an answer.
We went with a fixed mortagage.
The rate we received was very competitive and one reason we went with Citibank is that we know exactly what we need to pay, unlike some mortgage brokers the rate will change at closing or some other surprise will show up at closing.
Citibank also will cover some closing costs.
He is very attentive to details and honest.

Kazuo Mizoguchi
Lending Consultant
CitiMortgage, Inc.
(212) 245-5498

kazuo.mizoguchi@citigroup.com

Going directly to a specific lender does not make financial sense. There are hundreds of lenders and at any time there will be a few who consistently offer the cheapest rates so as to get the volume they want, and that group of lenders does change.

I have used the same mortgage broker for the past four mortgages and each time have done a comparison shop with Citi OR Wells Fargo. Every time I have got a much better rate from this broekr than I could have found myself. Mail me at alohashirt99@yahoo.com if you want this guy's name.

One thing to watch out for. Four years ago Washing Mutual offered the best rates for an interest only 5/1ARM Super Jumbo so I was delighted to get one for my then apartment. I made additional principal payments every thing. For two years Wamu misapplied 20 of 24 payments. I wasted many hours of time chasing them up and validating their fixes. I would never ever buy a loan serviced by Wamu.

I have my mortage with Citi and the service was horrible. I kept getting phone calls from difference 800 number reps to request more information that I had already sent.... It made a stressful process even more painful....

First you should get familiar with the rates by going to http://www.hsh.com/partners/nydob/nydob-mtg.html and seeing what the state lists. If you really want to shop around for rates without going to each lender individually, pay $500 and use a mortgage broker such as Manhattan Mortgage.

I have had great success with buying four places in NYC using a mortgage broker called Universal Mortgage. The person I speak with is Norman Calvo. Very professional. They are listed in Manhattan on West 34th Street. We are closing on a place in the Village now that we had locked in a mortgage in at 6.75% about nine months ago, but Calvo renegotiated our loan down to 6.375% AND got the bank to extend our deadline by 90 days because our new build wasn't ready (we've since received our thirty day notice, so all's well that ends well). I honestly can'tsay enough good things about him and the company. Good people.

I just recently closed with Trachtman & Bach in Park Slope. I worked with a stand-up gentleman over there (Hymie Serure at 718-623-1400). He came highly recommended by my neighbor and my boss. This guy is the definition of HARD WORKING!! He was able to get an exception on a 2-unit coop building, which from my research I've learned is very difficult to obtain financing on. Not only that, but he got me an interest rate BELOW what Chase and Citibank quoted me and he got the bank's extension fees waived! Excellent mortgage broker.

WHATEVER YOU DO, DO ***NOT*** USE CHASE!! I went to them and it was a complete nightmare. My lawyer recommended using a smaller "boutique" style mortgage broker to get better service and lower rates/fees. He got me closed in 3 week and the rate was 1/2 % lower than Chase and fees were almost $1k less.

His name is Hymie (I don't remember his last name) and he works at Trachtman & Bach on 5th Ave midtown.

Thanks for the referrals above. I am also shopping for a coop mortgage. I've found that some mortgage brokers charge an application fee plus an appraisal fee upfront (totaling about $750) - is that common? I just spoke to one who charged just the appraisal fee upfront and collected the rest at closing. I was initially under the impression that you didn't pay anything till closing. Any insight? Thanks!

maybe you can ask them to waive the application fee.