How does cash out refinancing work?
“Cash out” refinancing is similar to financing your co-op apartment purchase. An applicant must complete a share loan application, receive pre-approval on you and the property, and follow the traditional underwriting process. New appraisals will be ordered on the apartment. Closing costs can be built into the refinance. The process takes approximately 30 days to complete. Return to Top How does co-op homeownership differ from owning a condominium unit? When you own a co-op, you do not actually own the rooms that comprise your unit. You own shares in the overall ownership of the building(s). These shares are prorated on the total square footage of your unit. In condominium ownership, you actually own the interior space of the rooms that comprise your unit, while the condo association owns the land, public areas and infrastructure of the building(s). Return to Top How is my creditworthiness evaluated for a co-op apartment loan? NCB, FSB evaluates your creditworthiness for a co-op apartme
