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CMG920
LIF Zygote
Member since 2/09 30 total posts
Name:
Cindy (napavalleygirl)
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First Post! Question about co-op interest rates
Good morning ladies! This is my first post on LIF. I am/still an active poster on the NW board on LIW but wanted to migrate over here to ask some questions!
My DH and I are VERY close to making an offer on an co-op in FH. We were pre-approved for a mortgage from our bank at 5.25%. They said it was a little higher than what it would be if we were purchasing a house. It would be lower if we were going to buy a house.
My question is, is that the best rate in your opinion?
TIA!!
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Posted 2/26/09 10:32 AM  |
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Prudential Douglas Elliman Real Estate
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: First Post! Question about co-op interest rates
Yes, a co-op rate is a little higher than a house because you are not really buying the property. You are buying shares in a corporation, and in return you are receiving the apartment. It is riskier for the bank because they can not easily reposses the home.
5.25% sounds like a good rate! Good luck with your purchase!
Message edited 2/26/2009 11:03:09 AM.
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| Posted 2/26/09 11:02 AM |
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CMG920
LIF Zygote
Member since 2/09 30 total posts
Name:
Cindy (napavalleygirl)
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Re: First Post! Question about co-op interest rates
Posted by KvsGrl
Yes, a co-op rate is a little higher than a house because you are not really buying the property. You are buying shares in a corporation, and in return you are receiving the apartment. It is riskier for the bank because they can not easily reposses the home.
5.25% sounds like a good rate! Good luck with your purchase!
Perfect, thank you for clearing that up! DH and I are very excited.
It's good to know that we have a competitive interest rate!
Thanks so much!
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| Posted 2/26/09 11:06 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: First Post! Question about co-op interest rates
5.25% is a good co-op rate.
But keep in mind rates change daily. That same rate can be 6.00% a week from now.
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| Posted 2/26/09 11:30 AM |
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CMG920
LIF Zygote
Member since 2/09 30 total posts
Name:
Cindy (napavalleygirl)
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Re: First Post! Question about co-op interest rates
Posted by ave1024
5.25% is a good co-op rate.
But keep in mind rates change daily. That same rate can be 6.00% a week from now.
Thank you! Yes, I'm going to check in with the bank today to lock in the best rate before we make our offer!
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| Posted 2/26/09 11:37 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: First Post! Question about co-op interest rates
Posted by CMG920
Thank you! Yes, I'm going to check in with the bank today to lock in the best rate before we make our offer!
Most banks won't lock in a rate without a signed contract.
Key word: most
Some will if you ask around. 
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| Posted 2/26/09 11:49 AM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: First Post! Question about co-op interest rates
Can I ask you, what bank gave you that rate (we are considering doing a refi and are in a coop) Thanks.
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| Posted 2/26/09 12:01 PM |
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CMG920
LIF Zygote
Member since 2/09 30 total posts
Name:
Cindy (napavalleygirl)
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Re: First Post! Question about co-op interest rates
Posted by banda61007
Can I ask you, what bank gave you that rate (we are considering doing a refi and are in a coop) Thanks.
No problem. It was Bank of America.
Good luck!
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| Posted 2/26/09 12:03 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: First Post! Question about co-op interest rates
Sounds good to me.. Did you check out chase?
Good luck
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| Posted 2/26/09 12:17 PM |
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CMG920
LIF Zygote
Member since 2/09 30 total posts
Name:
Cindy (napavalleygirl)
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Re: First Post! Question about co-op interest rates
Posted by belladi
Sounds good to me.. Did you check out chase?
Good luck
No, I haven't but I will check them out! Thanks for the tip!
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| Posted 2/26/09 12:23 PM |
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belladi
LIF Adult
Member since 9/06 1011 total posts
Name:
diana
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Re: First Post! Question about co-op interest rates
Posted by CMG920
Posted by belladi
Sounds good to me.. Did you check out chase?
Good luck
No, I haven't but I will check them out! Thanks for the tip!
Welcome when I pricing for my coop Chase's rate and fees were better than BOA
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| Posted 2/26/09 3:40 PM |
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CMG920
LIF Zygote
Member since 2/09 30 total posts
Name:
Cindy (napavalleygirl)
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Re: First Post! Question about co-op interest rates
Posted by belladi
Posted by CMG920
Posted by belladi
Sounds good to me.. Did you check out chase?
Good luck
No, I haven't but I will check them out! Thanks for the tip!
Welcome when I pricing for my coop Chase's rate and fees were better than BOA
Great to know!! Thanks!
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| Posted 2/26/09 4:10 PM |
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banda61007
LIF Infant
Member since 7/07 296 total posts
Name:
Bonnie
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Re: First Post! Question about co-op interest rates
Posted by belladi
Posted by CMG920
Posted by belladi
Sounds good to me.. Did you check out chase?
Good luck
No, I haven't but I will check them out! Thanks for the tip!
Welcome when I pricing for my coop Chase's rate and fees were better than BOA
us too
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| Posted 2/26/09 4:17 PM |
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