new york city

There are a lot of benefits to refinancing your underlying co-op mortgage. These include a lower interest rate and changing your loan term. Depending on your why, refinancing may be the right choice for your co-op mortgage. Borrowers save an average of $2,800 annually by refinancing their loans. With a 10-year loan, this would equal out to $28,000.  Underlying co-op mortgages have shorter terms than residential mortgages and often have balloon payments at the end, so refinancing is common with these types of loans.  Keep reading to understand how to refinance an underlying co-op mortgage.  What is an Underlying Co-Op Mortgage? It’s important to understand what a mortgage is and how an underlying mortgage differs. Co-ops have special mortgages and rules on how funding works. What is a Mortgage? A mortgage is a loan that uses a form of real estate as […]