Coop Refinance

Do you currently have a mortgage on a Co-op? Are you considering refinancing either to get a better rate or term, or to get cash out? MortgageDepot is a co-op mortgage industry leader. With our experience and knowledge, we know everything there is to know about co-op refinances. We’re able to offer all of these great benefits on your coop refinance:

We’re able to offer all of these great benefits on your coop refinance:

• We have programs available for credit scores as low as 660.
• If your co-op is your primary residence, we can offer a cash out refinance for up to 80% LTV.
• We can offer up to 45% DTI whether your co-op is your primary or secondary residence.
• For purchases or rate/term refinances, we offer up to 90% LTV for primary or secondary residences.
• We can refinance up to 90% LTV with a credit score of 720+.
• We can refinance up to 75% LTV with a credit score of 680+.
• For high balance loans on a primary residence, we offer a 60% LTV refinance with a credit score of 740+.
• For high balance loans on a secondary residence, we offer a 65% LTV refinance with a credit score of 740+.
• We offer both 30-year and 15-year fixed-rate loans.
• Our appraisal fee is only $350, the lowest in the industry.

Why Refinance Your Co-op?

1. If you have enough equity, you may want to refinance to pull out cash for some other purpose, like home repairs, educational expenses or to purchase another home.

2. If you’re unhappy with your payments, you may be able to save money by refinancing to a loan with a better interest rate or better terms.

How Do I Refinance My Co-op?

1. Make sure refinancing is going to help you achieve your goals. Do you have enough equity to pull cash out? Will a new mortgage truly mean savings in the long run?

2. Make sure you contact us, we are experts at Coop financing. Coop refinance is a specialized skill. Not every lender is qualified to offer this service. MortgageDepot is a co-op refinance expert. We’ve worked with a huge number of New York co-ops, and we know everything there is to know about the coop refinance process.

3. Get co-op board approval. This will guarantee no unforeseen challenges await, and will improve your chances of securing the best loan.

To take the first step toward buying or refinance a co-op, contact us today!

Click here for our Approved Coop Buildings list.

Get in touch with one of our loan consultants for more information.