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jennyal
LIF Adult
Member since 8/07 1430 total posts
Name:
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refinance on a coop?
we've been living in our coop in queens for the past 5 years and are currently looking for a house. we plan on selling our coop. question(which may be ignorant) should we refinance even though we plan on selling it and moving out? TIA!
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Posted 9/26/12 12:09 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
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Re: refinance on a coop?
what is the current interest rate and when would you be selling it? I agree that perhaps refinancing wouldn't be worth it.
There are always closing costs, either on the front end (cash up front at closing) or back end (having them rolled into the new loan).
Some loan programs have zero closing costs but they differ from bank to bank, and have varying requirements.
Have you tried the calculators over on Bankrate.com?
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| Posted 9/26/12 12:20 PM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: refinance on a coop?
we just refinanced our coop because we don't plan on moving for a couple years.
our closing costs were about $3700- so it will take about 7 months to see the savings... we went from 6.125 to 4.125 and will save almost $500/month
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| Posted 9/26/12 1:20 PM |
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MrsRapz
mahna mahna!
Member since 2/12 1952 total posts
Name:
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refinance on a coop?
as others said, if you're planning on selling it within the next year (give or take), it's probably not a good idea to refi since you'll end up losign money in closing costs.
If you're going to keep it (or if you think it'll take a while to sell it), then refi could save you money.
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| Posted 9/27/12 10:46 AM |
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