Coop Refinancing Question


Has anyone recently had success with refinancing the underlying mortgage of their coop? Our current mortgage is a commercial loan (since it’s a coop and the loan is to the coop, not to any one individual), and it’s almost at maturity. Our plan was to refinance in order to have some additional funds for capital improvements needed, but we have been unable to find a bank that would refinance our loan. I’ve tried Chase, HSBC, Marathon, Astoria Federal, and a few others, with no luck. If anyone has any tips or recent successes with this, your guidance would be greatly appreciated! -Dan

Categories: Co-Op Related
By spyre98 | 09/26/2010 7:56 PM | Comment

Co-op Financing?


I live in a six-unit co-op, and we are looking to re-financing our current mortgage (up for maturation soon) in order to fund needed renovations. However, the big banks such as Chase and HSBC have turned us away saying that they do not do co-op financing anymore (it’s a commercial loan). Has anyone recently gotten successful financing for their co-op?

Categories: Co-Op Related
By spyre98 | 09/20/2010 1:45 PM | Comment

PMI Rejected


Hello,

We are in the process of closing, have near 800 credit scores, received approval for our mortgage, and just now found out that we were rejected for PMI (we were told that the company did not like our appraisal, which came in at accepted offer price, for some reason). Our mortgage broker is now looking for another company that will approve us, but my question is whether anyone has been rejected by one PMI company and then approved by another? We are already putting down 15% so we would need an additional 5%. Is our best bet to dig around and see if we can get a gift for the additional 5% or is it likely that we can get approved by another PMI company?

Categories: Mortgage
By spyre98 | 12/03/2008 5:33 PM | Comment

Liberty Home Funding


Hi,

I’ve called around several places and found that Liberty Home Funding has the best rate (about .250 less than many other places). Has anyone recently closed using them? Specifically, I am closing on a coop in Brooklyn so I’d like to be sure that they have some experience with this process (particularly the appraisal). Thanks for any advice you may have.

Categories: Mortgage
By spyre98 | 10/20/2008 5:23 PM | Comment

Mortgage for Coop with 90% financing


Hi,

We are looking to obtain a mortgage for a new home purchase in Park Slope (90% financing), but are running into a few hurdles: 1) a lot of places say they will not finance coops, 2) the loan amount is considered “jumbo” despite the stimulus package that has increased the jumbo loan size, or 3) they will not allow 90% financing. Has anyone on the forum closed within the past month or so, and can you recommend a lender with competitive rates? I’d prefer to avoid mortgage brokers if possible.

Categories: Mortgage
By spyre98 | 10/16/2008 12:39 PM | Comment

Common Charges Increase on Coop


Hi,

I recently decided to buy into a coop in Park Slope North. However, after I had the inspection done, I was notified that the common charges would be going up due to rising cost of fuel. They decided on about a 9% increase. My question: 1) any other coop owners experience a similar increase recently, and 2) is it strange that the increase came after a deal was close to being sealed?

By spyre98 | 09/29/2008 9:44 AM | Comment

Assessing property value given past sale


Hi, I’m currently on the market and interested in bidding on a pre-war 2bd, 1.5ba property in North Slope. Asking is 700K which seems about right (given that it has outdoor space as well); however, I discovered that an identical apartment in the *same* building (I believe it even has the same outdoor space) sold in 2004 for a little over 400K. My question is, how can I figure out if the apartment is priced right based on this information?

Categories: Appraisals
By spyre98 | 08/28/2008 12:33 PM | Comment