Affinity Mortgage Lending Program
There are currently three lenders in the program: Chase, Citizens Bank, and TD Bank. While Columbia does not specifically endorse these lenders, they are familiar with the programs and benefits available to faculty and staff, as well as the complexities of academic incomes.
The program was instituted in 2006, and participating lenders are selected periodically through an extensive vetting process conducted by a committee that consists of senior administrators in Arts & Sciences, Business School, Law School, Finance, General Counsel, Human Resources, and the Office of the Provost.
Always have a fully-vetted (all documents reviewed by a lender) pre-approval, and all personal financing in place, as soon in advance as possible before making any purchasing decisions.
We recommend that you thoroughly research all of your options prior to making a decision.
To ensure that you reach the individuals within the participating financial institutions who are most familiar with the specifics of mortgages for higher education professionals, please be sure to contact the loan officers listed below, where applicable.
Faculty and staff can take advantage of special benefits through the Chase Employee Benefit Program. If you are interested in refinancing your current mortgage or buying a new home, you are eligible for a $1,000 credit at closing from Chase, plus additional products and services including:
- Chase Home Lending Advisors are ready to help from start through closing.
- A variety of affordable mortgage options are available, including down payments as low as 3% and homebuyer assistance programs allowing you to earn $2,500 or $5,000 toward your purchase with the exclusive Chase Homebuyer Grant.
- A guarantee that when you buy a new home, you’ll close on time or Chase gives you $5,000 (excludes the purchase of an apartment in a co-op or condo).
More information is at Chase Employee Benefit Program (uni log-in required).
Your credit history will be checked by lenders when you are pre-approved for a mortgage, when you apply for a mortgage, and right before closing. You can check your credit every year on www.myfico.com or www.annualcreditreport.com. Both pull credit from all three agencies – Trans Union, Equifax and Experian.
Following are some city, state and federal organizations that offer home buying programs and services, including programs for first-time home buyers.
- Consumer Financial Protection Bureau
- HomeFirst Down Payment Assistance
- HUD, Good Neighbor Program
- HUD, Types of loans (FHA-low down payment; senior citizens; renovation and energy efficiency loan (203K)
- Fannie Mae
- Freddie Mac
- NYC Department of Housing Preservation & Development (HPD)
- New York State Mortgage Assistance Program
- State of NY Mortgage Agency (SONYMA)
- U.S. Department of Housing & Urban Development (HUD)
- Veteran’s Administration (VA)
- Zillow offers three types of calculators – a mortgage calculator, a refinance calculator and an affordability calculator.
- On Malvern National Bank’s website, there are several types of mortgage calculators available -- a bi-weekly calculator, adjustable rate mortgage calculator, mortgage loan calculator, mortgage comparison: 15 years vs. 30 years, mortgage qualifier, and a refinance breakeven.
- Bank Rate offers 71 types of mortgage calculators -- from fixed rate through remodeling calculators.
There are several websites which list foreclosed properties and properties being offered at auction.
- Adjustable Rate (ARMS)
- Conventional Loans
- FHA Loans (3.5% Down)
- Fixed Rate Loans
- Jumbo Loans
- Renovation Loans
This content is provided for informational purposes only.
Listing of the websites above does not constitute a recommendation of these websites nor is the accuracy of the information listed in these websites verified by the Office of Work/Life.
Columbia University does not assume any responsibility in connection with any of these websites, and recommends that any information listed therein be independently verified.