Did you know that mortgage rates have hit a 50-year low? If your building board is planning to refinance your building’s underlying mortgage in 2022, there are many pitfalls to avoid. Some people might panic when they hear the phrase “refinance underlying co-op mortgage.” However, there are many benefits to this process. In this article, we’ll explore the top 10 things to look out for as you navigate this process. First Step to Refinance Underlying Co-op Mortgage Before we get into the full list, let’s discuss the first steps. Refinancing a mortgage is one of the most important things your board will ever undertake. The implications of a refinance will impact every shareholder in your building. If done correctly, a refinanced mortgage will affect the monthly maintenance costs for every shareholder. The market value of each dwelling will change. The process […]