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Thank you Great Northern Mortgage for the superior handling of my home mortgage package. My attorney Ike Dibia was also impressed with your work in creating the best loan possible. I look forward to any opportunity to recommend your team.

Lissa Luke
Attorney At Law

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Multifamily loans are a traditional form of mortgage

Commercial multifamily   loans are loans given where collaterals are commercial properties, which have at least five or more units in the building, such as an apartment building or independent dwellings in which at least five families can live.  Two to four multifamily properties are considered residential properties. GN Commercial, a commercial division of Great Northern Mortgage Corp. is specializing in multifamily loans. GN Commercial will arrange a term financing on apartment buildings with a broad array of fixed and adjustable rate loan programs. Being a local mortgage broker for over ten years, Great Northern developed good relationship with local lenders and strong knowledge of the local multifamily market. GN Commercial will save borrowers a lot of money and time and close the deal on the terms offered .

Whether you are looking to refinance an existing apartment building or purchase a new building, Great Northern has the loan programs to help get your deal done, with no hassles and no surprises. Additionally, working with this team of professionals, borrowers get a personalized service from start to finish and best pricing.

Program Highlights:

  • Purchase transaction
  • Refinance, cash-out, and no cash-out
  • Loan amounts up to $250,000,000, higher amounts on a case-by-case basis
  • Debt Service Coverage Ration – 1.15
  • Loan Term and Loan Amortization – up to 30 years
  • Maximum Loan to Value – 80%
  • Secondary financing may be allowed (purchase transactions)
  • Various prepayment options

Great Northern Mortgage Corp. will enable its customers avail multifamily loans from their lenders and assist them in all the necessary ways to get the loan .

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Jumbo Loan for your financing needs

If you are in the market to buy a condo, coop, condotel or a town house in New York City, Great Northern Mortgage will a jumbo loan tailored for your financial needs. A jumbo loan, also referred to as a non-conforming loan, it is basically a home mortgage loan  that does not abide by the guidelines set by Finnie Mae (the Federal National Mortgage Association) or Freddie Mac (the Federal Home   Loan  Mortgage Corporation). On the contrary, it is a   loan,  which is beyond the limits and rules that Fannie Mae or Freddie Mac draft for loans they are ready to buy from mortgage lenders. Great Northern works with financial institutions, private banks and funds, which will provide up to $20,000,000 financing to qualified borrowers. Great Northern also offers niche programs such as depletion of assets and pledge of assets for high net worth individuals.

Great Northern Mortgage is one of the leading mortgage companies in New York City, which is efficient in placing jumbo loans for residential real estate. Great Northern Mortgage is a dedicated group of professionals, which helps customers to originate jumbo loans on the best terms possible. Whether buying, refinancing or upgrading a condo, coop, or a house, Great Northern Mortgage can help with a wide display of competitive choices.  

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203K Mortgage and its features

203k loans facilitate the buyer to include the costs of repairs and reconstruction of the property into one mortgage loan. The strategy to do so is pretty simple. The bank evaluates the "as is" market value of the property and sums it up with the costs of repairs to the loan. After the repair work is done, the buyer can move in to the property.

The least amount of repairs necessary to utilize 203k streamline loan is $5,000, and the maximum is $35,000. There is no maximum dollar amount of repairs for the regular full 203k loan as long as the total mortgage will not exceed 110% of the after improved value of the house. Nonetheless, this is not taken as a second mortgage or home equity or advancement loan. This part of the loan is supplemented on to the primary note. 203k loans are pertinent to single family homes or multiple family property of up to four units. 203k loan can be availed to convert single family properties to two, three or four family houses.

Apart from expensive repairs for a property, 203k loan can be utilized for decoration of an existing house. This is apt for house owners who want to change the look of a living room or bedroom in their houses that they purchase. 203k loans can also be availed for room additions or other home extension projects. Great Northern Mortgage company can help customers avail 230k loans to modify, repair and decorate their homes .

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How New York Commercial Mortgage Brokers can help you

If you are looking for commercial mortgage, you may be perplexed who to trust. There are numerous New York Commercial Mortgage Brokers and all of them affirm that they will able to help. It is vital that you choose the company that can study your entire financial situation and aid you with the best option that is within your budget.   Great Northern Mortgage is a dependable brokerage company, which can help you avail commercial loan.

Great Northern Mortgage Corp. teams up with its skilled professionals such as advocates, loss mitigation experts, mortgage specialists, commercial mortgage brokers and appraisers. This team of experts will pool in their knowledge of expertise, contacts, and good relationships, to resolve any real estate problem or a concern. Great Northern Mortgage Corp. is a renowned member of NAMB, NYAMB, NY BBB, and local Chamber of Commerce.  Great Northern is experienced commercial mortgage broker, which helps you avail commercial loan financing for properties located throughout New York, New Jersey, Connecticut, Pennsylvania and Florida.

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DU Refi Plus for great refinancing

Are you a homeowner but with negative equity or very fewer equity? If your answer to this is yes, you can apply for DU Refi Plus plans and enjoy much faster and easier refinancing than other plans. This type of streamlined refinancing has the potential to benefit millions of people. If you have very low credit scores or even if you have a lesser income documentation, you can easily apply for DU Refi plans and reap its great benefits. Using this special type of streamlined refinancing, homeowners can enjoy refinancing up to hundred twenty five percentage of their home’s original value.

Great Northern Mortgage Corporation has great rates and APRs for various DU Refi plans and products. Even if, you have a credit score less than 580, which is fixed as the current minimum credit score for other refinancing products, you can apply for DU Refi Plus. Great Northern Mortgage Corporation has fixed rates, which are greatly beneficial for all types of homeowners. In addition, this firm is highly successful in the arena of mortgages and loans, and you can take a look at our reviews and testimonials and get to know about the quality of our services.

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Easy loans and mortgages for seniors

Are you interested in purchasing a new property for your family or are you facing a financial crunch? If your answer is yes, we can help you borrow loans from reliable loan and mortgage lenders. Professional advice and help are always better than doing a job all alone, especially when the job is in an arena in which you are not familiar. If you are a senior citizen, we would like to help you to the best of our ability in getting a good loan or mortgage. Great Northern Mortgage has many years of experience, and we have received positive reviews from all our previous as well as present clients.

Right from residential loans to commercial loans, we at Great Northern Mortgage have links with several firms, which provide mortgages and loans for seniors. We can also assist you while signing and verifying various documents & files before applying for loans or the mortgages in order to make sure that later on you do not face any unwanted legal issues. We have very competitive mortgage rates for all senior citizen clients. If you wish to have our services or want details regarding loans for seniors, you can fill up the online application provided in the official website.

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HECM loans for seniors with a home

If you are interested in availing a HECM loan, Great Northern Mortgage Corporation is the ideal place for you. Many people have several doubts & confusions regarding HECM loans, and their allied procedures. HECM stands for Home Equity Conversion Mortgage, which is one of its kind, and it’s a fact that this is the only reverse mortgage allowed by the federal government. This type of loan can be greatly beneficial for senior citizens who own a home and have equity in their home. Senior citizens can enjoy additional income by availing this special kind of reverse mortgage. Many senior citizens are confused about this type of mortgage generally, and professional help is essential to ensure that they don’t invest or apply to the wrong mortgage firm or with the wrong policy.

If you want more in depth details regarding various terms and conditions of HECM loans or if you wish to apply for a HECM reverse mortgage, you can get in touch with us through our official website of We are also in partnership with several leading firms which are reliable and offer great mortgages and loans for senior citizens whose age is more than sixty two.

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Beneficial FHA streamline refinance plan

Are you worried about your home loan? If you are thinking of applying for a profitable refinancing plan, Great Northern Mortgage Corporation is the right place for you to get amazing mortgages rates for various reliable mortgage plans and terms. FHA streamline refinance is an amazing refinancing option for you, especially if you are looking to reduce the interest rates of your existing home loans and mortgages. This product also helps you save a lot of time as well as money by reducing the amount of documentation and paper work that have to be done by your lender.

If you are interested in applying for an FHA refinance plan, you need to submit employment verification documents, files related to debt ratio, credit check and other documents for other major financial aspects. It is important to note that this special type of refinance plan is only available to those people who use the home, which they apply the refinancing for as their primary residence. This type of streamline refinance has already helped many people in every city and this has been effective in reducing the financial crunch faced by many. We, at Great Northern Mortgage Corporation, would like to help you reduce your home loan interest and save money.

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Featured Chart for Tuesday, July 26

New Home Sales fall 8.4% in June to 350K units annualized down from the upward revision of 382K from 369K in May. The May revised mark was a two-year high for new home sales. Though down from May to June, new home sales are up 15.1% year-over-year.

The New Home Sales report shows the number of newly constructed homes with a committed sale during the month. It is compiled through a nationwide survey of 10,000 builders/owners of 15,000 building projects and through sampling of permit-issuing offices, as well as land not covered by building permits. The data is timely and is used in conjunction with the existing home sales release from the National Association of Realtors. The level of new home sales indicates housing market trends, and economic momentum signaling consumer purchases of furniture and appliances. Simply, the volume of sales indicates housing demand.

Click to view the chart

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Reverse Mortgage and its benefits

With a reverse mortgage, you can borrow against the equity you’ve established in your home. You must be age 62 or older to be eligible for reverse mortgage and occupy the property as their principal residence. In reverse mortgage, there is no income, employment or credit qualifying restrictions. To qualify for reverse mortgage is easy, as a person’s credit score is not considered. By availing reverse mortgages, hundreds of thousands of homeowners have improved their quality of life in retirement. You can use reverse mortgage for basic necessities, or for other items you couldn’t otherwise afford.

Why do you need a Reverse Mortgage?

No restrictions are imposed by the lending companies on how the proceeds received through a reverse mortgage are used. You can use the funds toward a variety of purposes like:

  • With reverse mortgage you can reduce any high-interest debt
  • It can add to your retirement income
  • Can be used for paying property taxes
  • You can remain in your home, modify it for your needs and retain ownership of it
  • Healthcare expenses can also be taken care with reverse mortgage funds
  • Reverse mortgage funds can be used to purchase a second or vacation home.

Apply for reverse mortgage or request more information

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