The money will be debited electronically from your account within 1-3 business days starting on the business day following the payment date. If you make a payment on Monday, you can expect the money to be debited from your account by Wednesday or Thursday of the same week.

When you own a co-op, you do not actually own the rooms that comprise your unit. You own shares in the overall ownership of the building(s). These shares are prorated on the total square footage of your unit. In condominium ownership, you actually own the interior space of the rooms that comprise your unit, while the condo association owns the lend, public areas and infrastructure of the building(s).

NCB, updates all customer information nightly for Online Banking. If you access "The Cooperator Line" 24-hour telephone banking system (toll-free: (877) 840-0846), or contact our customer service department, which is online and real-time, your account information is updated immediately to reflect all account activity.

Known as a monthly fee, maintenance fee, common charge or carrying charge, this is the pro-rata share of actual operating costs, underlying mortgage principal and interest (if applicable), property taxes, insurance and reserves, you as a co-op member pay on a monthly basis to the cooperative corporation.

Co-op unit owners enjoy all the benefits of homeownership plus more. As a homeowner, you can take advantage of deductible mortgage interest and property taxes - both on the underlying mortgage and your individual share loan. You enjoy the same shelter from capital gains taxes on sale. You build equity as your co-op apartment’s value increases and your loan is paid down. And, you typically enjoy fewer closing costs than for a single-family home or a condominium. Co-op ownership offers greater financial flexibility as well. Since the co-op corporation owns the land and buildings as a whole, the cooperative can mortgage the property as a whole (the underlying mortgage). Unit owners have no personal liability for the underlying mortgage. This means when faced with large-scale improvement projects such as putting on a new roof, replacing windows or installing a new elevator, the corporation has access to competitively priced long-term debt.

A mortgage for a condo unit or single-family home is a loan secured by the collateral of some specific real estate property, in which the borrower is obligated to make a predetermined set of payments to repay the loan.

A construction loan is a short term loan for funding the cost of construction. The lender advances funds to the building as the work progresses.

Depending on where you live, you may know a share loan as a co-op mortgage, co-op apartment loan, or end-unit financing. A share loan is similar to a home mortgage. The difference is the collateral. The collateral for a single-family or condominium mortgage is the fee simple real estate. In a housing cooperative, the collateral is the cooperative “share” interest (certificate of membership or corporate shares). This cooperative interest gives you an exclusive right to occupy a particular dwelling unit in perpetuity (occupancy agreement or proprietary lease).

Cash-out refinancing is to co-op apartment residents what a home equity loan is to single family homeowners. Once you've built up equity in your co-op apartment, you can refinance your share loan and take out the equity as cash. You can use this money to pay for many purposes: remodeling your apartment, a vacation to Europe or even college tuition for your child. While there are closing costs associated with cash-out refinancing, these fees normally are only slightly higher than the fees you might pay for a home equity loan - and you can always roll them into the refinance.

Apply for a share loan is similar to applying for a single-family mortgage. You complete a loan application that provides the lender with information on you, including your job history, salary, checking and savings accounts. In addition, the lender evaluates the financial condition of the housing cooperative. As part of the application process, the lender is required by law to provide you with an estimate of closing costs within three business days. This is called a good-faith estimate. Lenders are also required to give you the government publication "A Home Buyer's Guide to Settlement Costs." Once your loan is approved and you've signed the commitment letter, you and your loan officer will attend the loan closing. To learn more about buying a co-op apartment, visit Fannie Mae's Homepath Website.

1. The total amount of debt your income can support; 2. Your current credit history; 3. Your assets in reserve (ration may vary); and 4. The appraised value of your unit. (Note: This appraised value must be equal to or greater than the purchase price. Your share loan is based on the lesser of the purchase price or appraised value).

Purchasing a co-op apartment - or an interest in a cooperative corporation can be compared to buying stock in a company. Before purchasing stock, you want to be sure the company is solid. Likewise, your investment in a housing cooperative must also be financially sound. As part of reviewing your share loan application, NCB, FSB evaluates the cooperative corporation as a whole. With two decades of experience lending to housing cooperatives and their members, NCB, FSB has compiled a comprehensive co-op housing project approval database. For co-op buyers, this expedites your share loan process.