Refinancing A Condo Mortgage In New York
Rules for Condo Refinance in New York are becoming a bit more flexible as lenders have been tightening their lending belts. Be sure the unit you are attempting to refinance is covered under the new guidelines issues by the Federal Government recently. A set number of units must be owner occupied, commercial space is limited to a percentage of the total building space and the value of the unit itself will all come into play.
Contacting us to assist you in your condo mortgage is a logical step to take, since many banks are refusing to refinance even when they underwrote the original mortgage. As interest rates change, more buyers will be attempting to lower their payments by refinancing and the lenders are becoming less likely to write new loans as a result.
The requirements, and paperwork, that are involved in the refinancing of mortgages in New York are in our specialty.A condo mortgage may be more complicated than a standard home loan, but they red tape and regulations can all be gotten through quite easily by our company. The network of lenders we have to work with can easily give condo buyers more options when it comes to their loans than they would be able to get should they attempt to go it alone.
Building codes, maintenance and occupancy can be re-evaluated while attempting to refinance a condo mortgage. This leaves just the matter of the buyers ability to repay and the value of the unit on the table. No one can guarantee that every buyer will qualify for a loan, but when using our mortgage company to obtain mortgages in New York you stand a better chance.