Unlike a traditional house loan, which is signed to a lender when you get the mortgage, a co-op mortgage is a “share loan”—a loan that lets you purchase a share in a co-op. You typically need this type of loan when you are buying a unit in a piece of real estate like an apartment building. A housing cooperative owns the building, and you, as the purchaser of a unit in that building, are technically buying a share in the cooperative which grants you a proprietary lease on one of the units in the building. As a shareholder, you typically have a partial responsibility for property taxes and maintenance fees.
There are additional complexities for people who want to purchase property from a co-op. Not only will you need to secure the loan, but you will also have to be approved by the co-op board. This process can include interviews, references, financial/credit history and employment history.
Rala Investments has experienced mortgage brokers in Vancouver who can guide you through the process of securing a co-op mortgage. Let us manage the complexity of this process for you, so that you can focus on finding the perfect co-op property to buy. Call us today for an appointment.
Rala Investments Ltd
1200 Lynn Valley Road Suite #301
North Vancouver, BC, V7J 2A2
Monday – Friday: 9:00 AM - 5:00 PM
North Vancouver mortgage broker proudly providing a variety of mortgages, loans, and other financial assistance to the following areas in the Lower Mainland:
North Vancouver | West Vancouver | Vancouver | Burnaby | Langley | Coquitlam | Delta | Surrey | Richmond | New Westminster | Port Moody | Maple Ridge | Abbotsford | Cloverdale