Barbara because you have a co-op, which is a whole different kind of property (not real estate to begin with), you'll find that it's going to be more difficult to get the rates you read and hear about. Interest rates are quite low, but co-ops will always cost more because fewer investors are interested in providing the loans, and the risks involved cause them to seek higher rates.
With so little competition in the marketplace, you won't find it possible to seek a quote here, a quote there. Most every lender who can help you is working with one of the two or three major lenders who specialize in co-op loans.
That's not to say you can't save some money by refinancing - just that it won't be all that easy to get the loan done.
With so little competition in the marketplace, you won't find it possible to seek a quote here, a quote there. Most every lender who can help you is working with one of the two or three major lenders who specialize in co-op loans.
That's not to say you can't save some money by refinancing - just that it won't be all that easy to get the loan done.
George is correct. There are only several lenders that will refinance co-ops. Most investors have an approval list for co-ops. The co-op itself will have to be in a good financial position to receive financing. How much do you owe? What's the value of your co-op? Do you have any idea of your credit scores?
