We, Franklin First Financial, are the primary lender selected by the The Hutton Group to ensure that your Co-op to Condo Conversion Process is as seamless and stream-lined as possible. We understand that this is an impactful decision in your life so we want to ensure that you have all the financial tools and information available to make an informed decision.
One of the steps in the decision making process is to find out if you qualify for a new mortgage loan. If you want to refinance your current share loan (personal mortgage), you can include your share of the underlying co-op mortgage plus the transaction fees for the conversion all in one loan. This can make the conversion essentially cash free, and may reduce your overall monthly costs. You can even include an amount to cover unit renovations, credit card balances, or other cash requirements you may have.
Below are two ways in which you can determine if you qualify for a mortgage. Please proceed to whichever option with which you are most comfortable. If at any time during the process you have a question, do not hesitate to contact us at 631-393-7536. You will be connected to a licensed loan officer who can help you.
The Quick Pre-Qualification Button will lead you to a short series of questions that will let you know if you are pre-qualified for a mortgage. This will not lead to a commitment to lend but it will give you an idea about your qualification for the mortgage you need.
The Pre-approval Button will lead you to a full mortgage application. Once you have completed it and furnished all the documents required, if you qualify, this will lead to a full mortgage commitment subject to the following conditions: No change in your financial status, the Co-op to Condo Conversion, Clear title, and Appraisal.