Skip to main content
Fulltext search
FILTER RESULTS BY:
RECOMMENDED IN RENT
Moving to NYC after college? Here's how to find a rental apartment
RECOMMENDED IN BUY
How buying real estate in NYC is unlike anywhere else
RECOMMENDED IN SELL
A guide to using a no-fee renovation loan from a NYC real estate firm
RECOMMENDED IN IMPROVE
How to make your NYC renovation more pet-friendly
BEST REAL ESTATE WEBSITE!
National Association of Real Estate Editors
BEST REAL ESTATE WEBSITE! National Association of Real Estate Editors
Brick Underground
Social Links
follow:
  • Facebook
  • Twitter
  • Instagram
  • Flipboard
  • search
Brick Underground
☰ Brick Underground
Brick Underground
Brick Underground
☰
Brick Underground
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
    Looking down on New York streets from the top of a skyscraper
    New Construction + Condos
    New York state budget greenlights more condo conversions, new housing vouchers, but no down payment assistance
    Haley and JP move to Prospect Lefferts Gardens
    New Construction + Condos
    From Prospect Heights to Prospect Lefferts Garden: We wanted three bedrooms so we could each have a home office
    one-bedroom condo at 702 Hancock Street
    The Search
    7 reasons why ground-floor apartments are desirable—instead of dealbreakers
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
    New York City, East Village Apartment Buildings
    Roommates + Landlords
    Rental assistance program helps NYC tenants pay back $1 million in arrears, avoid eviction
    Robert Pullen at London Terrace in West Chelsea
    The Search
    Why I returned to NYC from Miami: ‘Constant heat, humidity, and sunshine is not my jam’
    Aerial view of NYC residential buildings
    Rent
    FARE Act takes effect: What NYC renters need to know about the new broker fee law
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
    Madison avenue and East 67th Street, Manhattan, New York City
    Sell
    Median sales price for Manhattan co-ops and condos jumps to $1,165,000
    new condo building and older co-op buildings in Prospect Heights, Brooklyn
    Sell
    Brooklyn median price nears $1 million but the spring market is a question mark
    View of NYC condo buildings from New Jersey
    Sell
    Private listings: What NYC sellers and buyers need to know about the off-market controversy
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    There are nine candidates vying to win voters on the June 24th ranked choice Democratic primary.
    Neighbors
    How the Democratic candidates for mayor would fix NYC's housing crisis
    NYC apartment buildings with fire escapes
    Neighborhood Intel
    Can you sit on a fire escape in NYC? 5 things to know
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
    Manhattan Pressurized Walls temporary wall with plexiglass window
    Renovation
    Turn one room into two: The insider's guide to temporary pressurized walls
    An image of the top of a brick New York City apartment building, including its parapet.
    Design + Architecture
    Parapet inspections: What NYC boards and building owners need to know about Local Law 126
    This is a photograph of a street in the Upper West Side in NYC viewed from the Summit in Central Park through bare tree branches.
    Renovation
    Fewer buyers, steeper rents, and costlier renovations: How tariffs could impact NYC real estate
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
    Burned and Boarded Up Windows
    When should your board hire a public adjuster?
    Manhattan GM
    What should we consider when renewing insurance for our building?
    Facade of NYC buildings
    How much is insurance on a NYC co-op or condo building?
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
    FlatRate moving brick underground
    Live
    How to troubleshoot your move in advance
    Sponsored By flatrate
    Building facades in New York in winter
    Roommates + Landlords
    Ask Altagracia: I withheld rent due to inadequate heat and I'm being hassled to pay it back. What should I do?
    Sponsored By Outerbridge Law P.C.
    big apple moving NYC
    Troubleshooting
    How can I save money when hiring a moving company in NYC?
    Sponsored By Big Apple Moving
  • Brick Report
  • About Us
  • About Us
The subscription service is currently unavailable. Please check again later.
Fulltext search
FILTER RESULTS BY:
New Main menu
  • Buy
    • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide
  • Boards & Buildings
    • Boards & Buildings
    • Boards
    • Finance
    • Insurance
    • Legal
    • Property Management
    • Structure & Systems
    • Sustainability
  • Advertise
    • Advertise with us
    • Sponsored Content
    • Experts
  • Brick Report
  • About Us
    • About Us
    • Advertise
  • About Us
SUBSCRIBE TO OUR NEWSLETTER →
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
The Market [ SPONSORED ]

Getting a mortgage as a couple: It's not for everyone

By National Cooperative Bank  | October 26, 2015 - 9:59AM
image
SHARE:
Share to Facebook
Share to Twitter
Print
More...

When you're buying an apartment in a place as expensive as New York City, it helps to be part of a couple -- with two incomes and more assets between you, in theory, you should be able to afford double the amount of space and find it easier to qualify for a mortgage.

But co-signing on a loan with a significant other also means that each of your credit histories will be judged--and affected if you default on payment--and that things can get hairy if you break up. Plus, it usually means double the paperwork (detailed financial documents for two people) during the application process.

Here are the most important issues to consider when applying for a mortgage with a significant other, according to Brittney Baldwin, vice president of National Cooperative Bank.

Credit scores: When two people are applying for a mortgage together, the bank only looks at one person's credit score. Unfortunately, it's the lower of two credit scores. That means that one person's less-than-stellar credit score can hurt the chances of your getting a loan or the best rate.

Gifting the downpayment: If for some reason--like bad credit--it makes more sense for only one of you to take out the loan, your significant other can still help with the down payment. "It would just be considered a gift," says Baldwin. Just note that some co-op boards may ask why only one of you is listed as a borrower.

Married vs. single: Baldwin says that as far as her work is concerned, it makes no difference whether a couple is married or not.  The process for applying for a loan is the same. You just need to make sure all documents are in order and that all pay stubs, proof of employment and the like are accounted for.

Breaking up is hard to do: It goes without saying that you should be seriously invested in a relationship before you buy an apartment together. But, of course, many relationships end. And if and when that happens, "the person who's keeping the unit has to refinance their loan to get the other person off of it," says Baldwin. That means that the person who's staying on the loan will have to qualify for it alone and that one of you will be on the hook for refinancing costs (usually several thousand dollars in appraisal and other fees) as well as a lot more paperwork. Plus you'll have to get the co-op board's approval.

Pro Tip:

Looking to buy a co-op? Get information on rates and pre-qualification from National Cooperative Bank. NCB has been providing co-op unit loans in New York for over 40 years. Call us at (646)-201-4714 or email Brittney Baldwin at [email protected].  NMLS #507535.  Equal Housing Lender. 


Brittney Baldwin (646-201-4714) is vice president at National Cooperative Bank in Manhattan. 

  • Check today's rates on NYC co-op, condo and superintendent unit loans
  • Get a personalized quote
  • Apply online for mortgage preapproval

More from National Cooperative Bank:

To get a mortgage you need a rate lock. So what is it anyway?

Selling your NYC apartment? Your top 5 mortgage questions answered

5 ways to get a lower mortgage rate

Get the 411 on financing an investment property 

Top 12 questions New Yorkers ask their mortgage bankers

Buying, renovating or refinancing next year? 5 mortgage trends to watch in 2014

4 good reasons to refinance your super's apartment

How to finance a NYC apartment combination

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

topics:

cohabiting mortgage sponsor story
SHARE
TWEET
BRICK’S PICKS
Historic brick facades of NYC apartment buildings
Getting overcharged by a landlord? Here’s how the Tenant Protection Unit helps rent-stabilized tenants
Apartment buildings in Soho
New Rent Guidelines Board report justifies a rent freeze, tenant advocates claim
Brooklyn apartment buildings
Understanding net effective rent: Here's how to calculate your real monthly rent
image
How much should you renovate your NYC apartment or house before selling?
Council Member Shahana Hanif hold press conference before the City Council vote on Arrow Linen spot rezoning.
City Council signs off on 10-story towers for Arrow Linen site
couple standing close, only jeans-clad legs showing
Can my boyfriend claim ownership of my condo if we break up?
Follow Brick on Instagram
@brickunderground | #brickunderground
Brick UndergroundBRICK UNDERGROUNDREAL LIFE. REAL ESTATE. REAL NEW YORK.
Social Links Footer
  • Facebook
  • Twitter
  • Instagram
  • Search
Main menu footer
  • Buy
    • The Market
    • Investing
    • New Construction + Condos
    • Affordable Housing
    • Co-ops
    • Negotiating + Financing
    • How to Buy in NYC Guide
  • Rent
    • Affordable Housing
    • Roommates + Landlords
    • The Market
    • The Search
    • How to Rent in NYC Guide
  • Sell
    • Staging + Open Houses
    • Negotiations + Closings
    • Getting Ready
    • How to Sell in NYC Guide
  • Live
    • Neighbors
    • Kids + Pets
    • Neighborhood Intel
    • Products + Test-drives
    • Troubleshooting
  • Improve
    • Small Spaces
    • Small Projects + DIY
    • Renovations
    • Design + Architecture
    • Products + Services
    • How to Renovate in NYC Guide

Get more news you can actually use...

Email Address

Delivered to your inbox weekly - for free.

*By signing up you agree to receive occasional emails on behalf of our sponsors

Footer Menu
  • About Us
  • Advertise

Copyright 2009-2024 by BND Ventures Inc | Privacy Policy | Terms of Service | Ad Choices | Login