While many New Yorkers have navigated the process of applying and interviewing for - and eventually buying - a co-op or condo, securing a mortgage can be a complex, sometimes, lengthy process in which professional advice is recommended and most likely required.
The first step to securing funding for anything is filling out the requisite paperwork and getting the necessary records in order. Lenders will need your past two years' tax returns, three months of bank statements, and a letter stating where the money to buy the home is coming from.
According to John Bariletti, president of the Manhattan brokerage firm of Logistics Funding Group, Inc., the crucial document roster isn't extensive. "You'll need income documentation, assets, and credit. That's the quick-and-easy list."
The application must also determine the unit's owners and occupants. The lender will most definitely do a credit check on a hopeful borrower, and also might want a copy of the contract and more in-depth personal information about the borrower; anything showing liability must be explained.
A reliable mortgage broker is important when filling out the application because "they have access to multiple kinds of programs offered by different banks rather than a single program," says Neil Binder, principal of Bellmarc Companies, a New York-based residential brokerage and property management firm.