Residential Real Estate, Including Coops
Mortgage loans are approved depending on the applicant’s income and credit history. Once approved, all credit union members are offered the same interest rate. All mortgage products start with a fixed rate for an initial period and then become variable. You can choose a longer or shorter initial period, depending on your preferences and individual situation.
Come in to speak with a Loan Officer regarding pre-approval, approval, or the credit union’s mortgage rates, email us at loans@brooklyn.coop, or call us at 718 418 8232 x5.
APPLICATION PROCESS
An applicant for a mortgage loan (purchase or refinance) should provide the following documents:
- Signed credit authorization form & electronic disclosure form
- 2 years of personal taxes
- 6 months of personal bank statements
- 2 latest paystubs
- personal lease or latest mortgage statement
- proof of downpayment (20% minimum; not required for refinances)
- $50 credit check fee (per person)
- Co-op units only: latest audited financials for the building
The first step towards a successful mortgage loan is pre-approval. With the above documents, Bk Coop Loan Officers will evaluate the application within 1 week.
If the application is pre-approved, the second step is obtaining an appraisal. The appraisal must be paid up front by the applicant.
Third, if the appraisal demonstrates that the amount of the mortgage loan can be backed up by the market value of the property, a final approval is issued. We write a Letter of Commitment for the applicant with the final offer regarding the term and interest rate of the loan. Once the applicant signs, the interest rate is locked in and the mortgage is scheduled for closing.
Contact a mortgage loan officer at 718-418-8232 x5 or at loans[at]brooklyn.coop for more information.
Current Rates
| Mortgage Product | Initial Rate |
|---|---|
| 1/1 Adjustable Rate | 5.25 – 5.49 |
| 5/1 Adjustable Rate | 5.50 |
| 5/5 Adjustable Rate | 5.70 |
| 10/1 Adjustable Rate | 5.75 |
| 15/15 Adjustable Rate | 6.25 |
| 30/30 Fixed Rate | 7.00 – 7.99 |
The first number indicates for how many years the initial rate is fixed. The second number indicates the annual frequency of adjustment. For example, a 10/1 means an adjustable rate mortgage whose rate is fixed at the initial rate for 10 years and then adjusts every year thereafter.
Instructions
For the rate on a second mortgage on residential real property, add 1.5 points to the above. Note that we do not offer second mortgages on coop apartments and we do not offer a 15/15 for second mortgages.
For a first mortgage on investment property, add 2.0 points to above. Note that we do not offer a 15/15 for investment property, and that the maximum term is 15 years.