Financing in Brooklyn>Question Details

Earlfamous, Home Buyer in Brooklyn, NY

Can you refinance on a co-op? Is it as easy as refinancing a condo or home?

Asked by Earlfamous, Brooklyn, NY Fri Jun 3, 2011

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Answers

8
Does the refinancing save more than the new fees and closing costs that a new loan would creat, or do you have a lenderbuzzing these thoughts in your ear?
1 vote Thank Flag Link Fri Jun 3, 2011
You sure can!

Contact me if you would like a free quote

Thanks
Ed Groussman
egroussman@gmail.com
1-347-903-5626
NMLS #146696
First National Bank
0 votes Thank Flag Link Sat Jan 19, 2013
Yes you can refinance. It is a little more complicated because they need to review the building finances. Mitch Feldman stated was also maybe the best way, call your existing mortgage lender.
0 votes Thank Flag Link Mon Jun 6, 2011
Refinancing your coop is not as easy as refinancing a condo or home. It is almost the same fprocedure4 as your purchase of a coop. The Board must agree to the new mortgage. I would check first with the coop managment office to see what they require for a refinance (they often want a full financial disclosure) before going forward.
0 votes Thank Flag Link Mon Jun 6, 2011
Dear Earlfamous:

You should start off by calling the customer service number on your mortgage statement and asking them if you can do a reconciliation and consolidation of your mortgage. Also ask them what rate they will give you and figure out how much you will save each month. You will incur some closing costs so you need to calculate how much time it would take you to make back the money you spend in closing costs. Often times you can add the closing costs to your mortgage so you pay nothing out of pocket. Again, you just need to know how much you will save every month and then make an informed decision if it is worth your while.

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Jun 4, 2011
I refinanced a co-op that I used to own twice. As mentioned, the refinancing of a coop is the same as any other refinance.
0 votes Thank Flag Link Fri Jun 3, 2011
Sure you can refinance! The process on the borrowers end does not differ from any other refinance transaction. Feel free to contact me to discuss refinancing options. Call me direct at 347-903-5626 or email egroussman@myhsoa.com

Thanks,
Ed Groussman
Community Banker
Home Savings of America
0 votes Thank Flag Link Fri Jun 3, 2011
Refinancing will be done through your lender. I wouldn't call it easy but it can be done.
0 votes Thank Flag Link Fri Jun 3, 2011
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