Mortgage Loans

Make Homeownership a Reality with an NCB Loan

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couple carrying boxes as they move into their new home

Co-op Unit Financing

NCB has over 40 years of experience lending to cooperative shareholders nationwide. Whether you are purchasing your first home or refinancing an existing co-op, work with NCB for your next mortgage.

NCB Offers:

Low fixed- and adjustable-rate mortgages for purchases and refinances
Immediate online pre-qualification
Low closing costs
Cooperative expertise
Simple and secure online application
Cash out refinancing

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Single Family Mortgage

Whether this is your first venture into homeownership or you are a seasoned pro, NCB is here to help you every step of the way.

NCB Offers:

Low fixed- and adjustable-rate mortgages for purchases and refinances
Immediate online prequalification
Low closing costs
Simple and secure online application
NCB grant opportunities for homebuyers in Ohio.

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Tenants In Common Financing

National Cooperative Bank continues to lead the way with pricing and products for TIC (Tenants In Common) loans in San Francisco and Los Angeles.

A Tenant in Common refers to an arrangement in which two or more people co-own a parcel of real estate without “right of survivorship”. Each buyer owns an undivided percentage of interest in the building with the exclusive right to occupy one of the units.

NCB Offers:

TIC loans (for San Francisco, CA and Los Angeles, CA properties only)
Low closing costs
TIC expertise
Simple and secure online application

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Frequently Asked Questions

A share loan is similar to a mortgage. It provides financing to purchase shares in a cooperative corporation and the accompanying occupancy rights to a specific unit.

Co-op:
In a housing co-op, members own shares in a corporation that owns the land and building(s). Ownership of shares gives members the exclusive right to occupy a specific unit.
Condo:
Condo owners hold title to their individual units and share ownership of the common areas with other unit owners.

NCB evaluates creditworthiness using underwriting guidelines similar to those used for traditional mortgages. Factors may include credit score, loan-to-value ratio, debt-to-income ratio, and overall financial profile.

a. Members pay monthly carrying charges to the cooperative. These charges cover a member's pro rata share of operating expenses, blanket loan principal and interest, property taxes, insurance, and reserve contributions. In some cooperatives, utilities are also included.

b. Members with individual share loans make principal and interest payments directly to their lender.

The cooperative is generally responsible for exterior maintenance. Through its board of directors and governing documents, the cooperative determines how maintenance and repair responsibilities are allocated between individual units and the cooperative as a whole.

Co-op:
Purchasers typically obtain a share loan from a lender experienced in cooperative financing. In addition, they assume the seller's obligations under the occupancy agreement related to the cooperative's blanket loan. Closing costs are generally lower than those associated with condominium purchases.
Condo:
Purchasers buy and own their individual unit directly. Closing costs may include title search fees, title insurance, tax prorations, and other customary expenses. Buyers are also responsible for monthly condominium fees and may be required to contribute one or two months of fees to the association's reserves at closing.

Co-op:
Members democratically govern the cooperative and elect a board of directors to oversee operations. The board typically has the authority to approve prospective members and may terminate membership or occupancy rights when governing documents are violated.

Condo:
Unit owners democratically govern the condominium association and elect a board of directors to oversee operations. Unlike cooperatives, condominium associations generally do not have approval rights over the sale of units or transfer of ownership.

Co-op:
Improvements and replacements may be financed through: