What is cash-out refinancing?
Cash-out refinancing is to co-op apartment residents what a home equity loan is to single family homeowners. Once you’ve built up equity in your co-op apartment, you can refinance your share loan and take out the equity as cash. You can use this money to pay for many purposes: remodeling your apartment, a vacation to Europe or even college tuition for your child. While there are closing costs associated with cash-out refinancing, these fees normally are only slightly higher than the fees you might pay for a home equity loan – and you can always roll them into the refinance. Return to Top What is the share loan application process? Apply for a share loan is similar to applying for a single-family mortgage. You complete a loan application that provides the lender with information on you, including your job history, salary, checking and savings accounts. In addition, the lender evaluates the financial condition of the housing cooperative. As part of the application process, the lender is
