Residential Real Estate
(Including Coops)
Brooklyn Coop Mortgage Overview
At Brooklyn Coop, you can speak with a Loan Officer anytime as we help you build the strongest application possible. We manually underwrite every loan and keep all mortgages in our own portfolio—nothing is sold to outside lenders.
Mortgage approvals are based on income and credit history. Once approved, all members receive the same interest rate. All mortgage products begin with a fixed rate for an initial period, then convert to a variable rate. You can choose the initial fixed period that best fits your needs.
For questions, pre-approvals, or current mortgage rates, contact a Loan Officer at 718-418-8232 x5 or loans@brooklyn.coop.
Application Requirements
To begin a mortgage application (purchase or refinance), please provide:
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2 years of personal tax returns
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6 months of bank statements
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2 most recent paystubs
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Current lease or latest mortgage statement
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Proof of downpayment (minimum 20%; not required for refinances)
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$100 credit check fee (per applicant)
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Co-op units only: most recent audited building financials
How the Process Works
1. Pre-Approval (about 1 week)
Once the above documents are submitted, a Loan Officer evaluates your application and determines pre-approval.
2. Appraisal
If pre-approved, you will pay for an appraisal to confirm the property’s value.
3. Final Approval & Commitment Letter
If the appraisal supports the loan amount, we issue a Letter of Commitment outlining your loan terms and interest rate. Once signed, your rate is locked and the loan moves to closing.
Current Rates
| Mortgage Product | Initial Rate |
|---|---|
| 1/1 Adjustable Rate | 4.50 – 4.74 |
| 5/1 Adjustable Rate | 4.75 – 4.99 |
| 5/5 Adjustable Rate | 4.95 – 5.19 |
| 10/1 Adjustable Rate | 5.00 – 5.24 |
| 15/15 Adjustable Rate* | 6.00 – 6.24 |
| 30/30 Fixed Rate* | 7.00 – 7.49 |
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.
* The 15/15 and 30/30 products are only available for first-lien residential owner-occupied property of four units or less.
Instructions
- For a mortgage on a cooperative apartment, add 0.5 points to the above.
- 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 or commercial property. Second mortgages are not eligible for the 15/15 or the 30/30 products. The maximum term is 15 years.
- For a first mortgage on commercial property, add 2.0 points to above. Commercial mortgages are not eligible for the 15/15 or the 30/30 products. The maximum term is 15 years.
- Jumbo loan premium: For loan amounts exceeding $500,000, add 0.25 points for each $250,000 in excess of $500,000. For instance, a $600,000 loan would add 0.25 points, and a $800,000 loan would add 0.50 points.