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They have a $1,899 home purchase deal if you go through their title company. Rates are very competitive and they close quickly if you have your stuff together and pro-actively stay in touch with them and your own lawyer. Currently 3.5% for 30-year fixed, no points. Lower than both Sovereign and Citi. Co-op rates might be higher, though.

I hear all this talk about good customer service from banks, what do you get with it? My interaction with my bank is me paying my mortgage. Additionally would you guys being willing to take a mortgage 1/10 a percent higher for this customer service? Just curious.

Valley National Bank In downtown has a $499 refinance offer and I beleive has also a promotion for purchases. Good customer service and a small bank.

I currently have three properties and two are mortgaged through Hudson City Savings, they are great my third is through Xcel Federal Credit Union which is also fantastic. I would stay away from super banks.

My closings were a long time ago, 1997 and 2003. They were on time. Refinanced in 2010. The refinance took a long time though. My interest rate did not change. I had what they quoted. I didn't really shop around. I have my checking account with them.

Did you say "co-op"? Mine were condos. My co-worker bought a co-op in Manhattan, and he went to the headquarters at 51st and Park. He closed this January. He said that they were very fast. He closed within one month. But he has an account with them and he had the downpayment available in the account to show them.

I have all my mortgages with Bayonne Community Bank. Their customer service is top notch.

I originally ended up with them because none of my properties can be financed through Fannie or Freddie. I can only use a portfolio lender.

Hi Annod,


Thanks for your advice. How was citi in regards to keeping close to their initial quotes? I also I heard they can take 90 days to close. What were your closings like--were they on time?

2nd on Hudson City Savings

You're probably better off with a small bank with good customer service like they said.

I have a love hate relationship with Citibank.

I had two mortgages with Citibank. I still have one of them. When I had my first mortgage in Hoboken, once they forgot to pay the real estate tax.

Now, I am in Jersey City. Once a year, they threaten to buy flood insurance for me if I don't show evidence of flood insurance.

The sales rep is in St. Louis. The insurance department is in Ohio. The tax department is in Delaware. Customer service is in Georgia or India. Or something like that.

If you like Citibank, you might do okay if you walk into the Citibank office in Hoboken and deal with a human. I was doing everything on the telephone.

I do like Citibank's online websites.

I'm in the middle of buying my second house. Both have been in Hudson County.

I'll reiterate the small bank mention.

I'll also point out that the process is a complete and utter nightmare. It was several years ago that I purchased my first home. That house went somewhat smoothly. Now, rules are a little different and it's all about how much you have documented.

I agree with Pauluhooker - when I refinanced several years ago, the non-major banks gave me much better rates. i eneded up going with American Federal Mortgage (great customer service too). At the time, I had Bank of America (I think). I called them last, assuming they'd give me a competitive rate since I'm an exisitng customer - guess what, their rate was the highest. I pointed this fact out, and the guy on the phone was like, "ok, so?" Quote:

Hi All,

I am a first time homebuyer, looking to purchase a co-op in Hudson County NJ. Presently, I am torn between Citibank and Sovereign for the mortgage. Which do you prefer and why?


Thanks a bunch!!!