<NYC> Mortgage lenders for co-op

[Ray T.]

Hi everyone! I'm new to Real Estate and trying to get my first contract sign in the upcoming week for a co-op in Queens. It's going to be owner-occupied for the first two years with 25% down. Which bank or lender would you guys recommend? I know HSBC has a relatively low rate, but both my broker and attorney concern about their ability to close a co-op on time. According to my broker, "100% of all transactions buyers have done with HSBC have been in breach."   

[Jason Lee]

You shouldn't have any problems with Wells, BOA, Citizens or a mortgage broker like Guaranteed Rate. Keep in mind it's often not the bank, but rather the banker you're working with that makes the difference. I wouldn't call any 800 numbers. You want to work with someone local that knows what a co-op is. Rates should be comparable. Your broker should give you referrals that can close deals.