Buying with a mortgage, Downtown

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Barbara IrelandApril 18, 2013, By Barbara Ireland of DJK Residential

Buying an apartment today can be a challenge and leave you disappointed if you are not properly prepared. Here are a few tips to get started on the right path.

  1. Speak to your bank loan officer to see if they will loan in Battery Park City. Tell them the building addresses that you are interested in possibly buying.  Some buildings are more easy to buy on mortgage than others, particularly with flood zones in play.
  2. Lenders in the area have expanded to include Chase, Citibank, Wells Fargo, HSBC and now PNC Bank.  Smaller lenders are entering the market also.  Not all of these leaders have approved every building.
  3. Ask for a preapproved home loan if you are ready to buy an apartment.  With the preapproved loan you will know your mortgage limit and monthly rate, so that you can set your budget.  A preapproved loan means that you are qualified to negotiate an offer for the apartment.
  4. Do your research to find the right apartment in the right building for you and your family with the assistance of your real estate salesperson.
  5. Check back with your loan officer once you have located your perfect home and have them re-verify they will loan in the building.
  6. Make an offer.
  7. Sign the contract with the assistance of your attorney.
  8. After the building and you are approved, the transaction still needs bank approval.  Most lenders will start the majority of mortgage loan processing once a Purchase Contract is signed.  The Purchase Contract, bank appraisal of the property, and underwriting to review of the loan documentation all take time.  Some lenders take 45- 60 days to close.
  9. Good Luck

Best Regards, Barbara

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