An underlying permanent mortgage (UPM) is a commercial loan, not a residential loan like your co-op mortgage. As such, it carries additional and different terms and conditions than a residential mortgage. When selecting a mortgage for your…
The 2016 election and subsequent administrative and personnel changes in Washington have - or may have - an impact on the lending landscape for co-ops, condos, and HOAs. Get informed about how to keep your own building or association in rob…
On March 15, the Federal Reserve raised its benchmark rate to a range between 0.75 percent and 1 percent, The New York Times reported. That rate is known as the federal funds rate, which is defined as the interest rate at which de…
While most purchasers of condos and co-ops prefer conventional fixed-rate financing, there is a substantial market for variable rate co-op and condo mortgages. Generally referred to as ARMs (adjustable rate mortgages), these instruments ca…
There has been a recent push by federal, state and local legislators to get reverse mortgages or Home Equity Conversion Mortgages (HECM) approved for residential cooperatives. The federal Department of Housing and Urban Development (HUD) h…
There has been a recent push by federal, state and local legislators to get reverse mortgages or Home Equity Conversion Mortgages (HECM) approved for New York cooperatives. The federal Department of Housing and Urban Development (…