Coop living in New York is attractive because it allows you to buy “shares” in a building. Coop mortgages allow you to buy these shares without spending a dime from your own pocket. However, if you have an existing mortgage, you can choose to refinance it.
Why Refinance a Coop Mortgage in New York?
You can refinance a mortgage to get a cash out, switch to a fixed rate or get a better interest rate. Whatever reason you have to refinance the coop mortgage, there is a procedure you need to follow for best results.
Understand the Effects of Refinancing
You need to understand the effect that refinancing will have on the underlying loan. The new loan needs to give you savings that will justify the cost of the new loan. One thing you need to look at is the cost of the loan and any penalties, such as prepayment penalty.
Identify the Right Lender
Once you decide whether you are looking at rate and term refinance or cash out, you need to find a lender to give you this loan. You need the right lender offering best terms to refinance your mortgage.
Seek Board Approval
The coop board plays a vital role when it comes to coop issues. Once you identify a lender, seek the approval of the board to refinance the loan. Being in good standing with the board places you at a better chance of being approved.
How Can We Help?
These loans are available as 30-year and-15 year fixed-rate loans. They are available if you live in New York and you own or plan to buy a coop. at MortgageDepot, we offer the best programs with expert advice. This program requires a specialized lender since it is not available with every lender on the market.
Get in touch with one of our loan consultants for more information.
Click here for our Approved Coop Buildings list.
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