Purchasing a Home

Purchasing a Home:

Explore information about buying a home in New York and the surrounding areas, as well as guidance for those considering an apartment purchase in New York City. While there are similarities among these processes, there are also important differences. Regardless of whether you are looking in the city or the suburbs, one thing remains the same: having the right team is essential.

Your team should include:

  • A real estate broker (also called an agent or Realtor) who is knowledgeable about the area where you are looking
  • A mortgage lender
  • A real estate attorney

Choosing a Real Estate Broker: 

As in any industry, the experience, knowledge, and professionalism of real estate brokers can vary. Many are knowledgeable and ethical professionals, while others may not meet the same standards.

Whenever possible, ask someone who has recently purchased a home for a referral. Take time to review prospective brokers’ online profiles and professional backgrounds as part of your research. Consider their experience in the neighborhoods or types of properties you are interested in and look for evidence of relevant local expertise.

Our Housing Information and Referral Service, available to all faculty—including faculty being recruited to the University—as well as all other Columbia University employees, can also provide referrals to real estate brokers and attorneys.

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Affinity Mortgage Lending Program

There are currently four lenders in the program: Chase, Citizens Bank, Luminate 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.

In order to ensure eligibility for the benefits of the Program, you must contact the loan officers listed below or use the URL, where applicable.   

Chase

Faculty and staff can take advantage of special benefits through the Chase Employee Benefit Program such as:

  • $1,000 closing cost credit when refinancing your current mortgage or buying a new home.
  • 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). Attention current Chase customers: Please do not sign in to your existing account. Instead, click the blue Apply Now button to secure a pre-approval, inquire about rates, or apply for a mortgage.  

If you are a faculty member receiving a benefit under the Housing Assistance Program, kindly contact Jo Golden if any questions arise from a Chase loan officer.

Citizens Bank

  • $1,000 closing cost credit on all home purchase and refinance transactions.  This applies for primary homes, vacation homes, or investment properties.   
  • Complimentary mortgage analysis for all purchase and refinance options.
  • A variety of mortgage programs available ranging from low down payment programs to closing cost assistance programs. Please inquire for all available options.  
  • Additionally, please inquire about additional discounts that may be available at the time.
     

Contact: Chirag Mody
NMLS: 1070822
Senior Loan Officer
[email protected]
646-750-3053 
 

Luminate Bank

Luminate Bank - The Mark Maimon Team

  • Faculty and Staff will enjoy $1,300 in credits to offset underwriting and processing fees on loans funded by Luminate (excludes brokered loans).
  • Full-service mortgage lender and broker originally established in 1998.
  • Offering a wide variety of traditional and non-traditional mortgage products including low documentation loans, private financing, bridge loans and more.
  • Experts in financing coops, condos, and borrowers that don’t meet traditional lending guidelines.
  • Local to New York but licensed in all 50 states.
  • Ask about specialty programs for lower rates in NY, NJ and CT.

Contact: Eric Schacter                
NMLS ID #673145                 
Branch Manager                        
[email protected]
917-282-8867      

TD Bank

Contact: Morris Cohen
NMLS #419553
Loan Officer

[email protected]
(917) 626-2341         

 

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Mortgage Information

Morris Cohen of TD Bank, one of the lenders in our Affinity Mortgage Lending Program, provided a synopsis of the process. 

  1. Obtain a pre-approval.

  2. Find a property, submit an offer and have the offer accepted.

  3. Sign the contract.

  4. Shop for a mortgage with several targeted lenders (including the lenders in our Affinity Mortgage Lending Program).

  5. Submit an application to a lender with all required documents, which will include a fully-executed Contract of Sale and supporting financial documents.

  6. A processor orders an appraisal and verifies your credit, employment, assets and liabilities.

  7. The processor submits the file to an underwriter.

  8. The underwriter reviews the file and issues a Commitment Letter with conditions, which will include an appraisal, title report, lien search, etc.

  9. The buyer’s attorney submits the title report and lien search to the lender’s attorney for review.

  10. 10 An appraiser inspects the property and determines a valuation. An appraisal report is issued.

  11. The underwriter reviews the report. 

  12. If all required conditions have been submitted, then the processor notifies all parties that the file is clear to close.

  13. A closing date is scheduled. 

Consider joining a credit union to  become eligible to apply for a home mortgage. With an IDCNY membership, there are several credit unions that offer membership as a benefit.

Citibank offers a competitive mortgage for first-time homebuyers through the Home Run Program.

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.

  • Adjustable Rate (ARMS) 
  • Conventional Loans
  • FHA Loans (3.5% Down)
  • Fixed Rate Loans
  • Jumbo Loans
  • Renovation Loans
  • 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.

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.

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Purchasing

Suburban sales typically peak in early to mid-spring. Real estate brokers in the suburbs typically work in the town where they live, as well as two or three of the surrounding towns. Some are comfortable spreading out a little further.  If they have been in the business long enough, they know the towns well. The real estate attorney should work in the county in which you would like to purchase and should be familiar with procedures of the local municipalities.  

If you are considering purchasing a home in the suburbs, you can book a consultation through our Housing Information and Referral Service for guidance and resources to help you navigate the process.

Purchasing a home in New Jersey involves several steps, from securing mortgage pre-approval and finding the right property to negotiating an offer and completing the contract, inspection, and due diligence process. Because New Jersey’s real estate process has its own requirements and timelines, it is important to work with professionals who are familiar with the local market and municipality where you are purchasing. Your real estate broker can help you evaluate properties and negotiate an offer, while your attorney can guide you through the contract, inspections, due diligence, and closing process. Once your mortgage is approved and all requirements are satisfied, you will be ready to close and take ownership of your new home.

If you are considering purchasing a home in New Jersey, you can book a consultation through our Housing Information and Referral Service for guidance and resources to help you navigate the process.

Purchasing an apartment in New York City involves a number of steps, from obtaining mortgage pre-approval and finding a property to negotiating an offer, completing legal and building due diligence, and preparing for closing. NYC’s real estate market has unique considerations, particularly when purchasing a co-op or condominium, so it is important to work with a real estate attorney who is familiar with NYC transactions and co-op and condo requirements. Your broker can help you evaluate properties, negotiate the purchase, and, when applicable, prepare a co-op or condo board application. Depending on the building, buyers may also need to submit financial information and other materials for board review and may be required to participate in a board interview.

Negotiating the purchase of an apartment in NYC can also involve considerations that are specific to the local market. Even when working with an experienced broker and attorney, it is helpful to educate yourself about the process and potential negotiating pitfalls. The following article outlines negotiating pitfalls to avoid:  "9 negotiating mistakes to avoid when you're buying in NYC"

If you are considering purchasing an apartment in New York City, you can book a consultation through our Housing Information and Referral Service for guidance and resources to help you navigate the process.

For anyone responsible for rent or mortgage payments in and around New York City, the high cost of housing is no surprise. A commonly cited guideline recommends spending no more than one-third of gross income on housing expenses. Yet for many New Yorkers, housing costs exceed that threshold.

To help address cost of living concerns in New York City, there are organizations, city, state and federal government resources to support tenants and homeowners with financing and understanding their rights.

Explore below an overview of the most common city, state, and federal affordable housing programs so you can decide if any might be relevant for you here.