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Co Op Refinanced Mortgage after 4 years?

Started by zillyb12
over 6 years ago
Posts: 0
Member since: Apr 2019
Discussion about
I am looking at the financials for a co op and I am concerned about the underlying mortgage. It looks like they refinance the mortgage in 2013 at 3.8% and then refinanced again in 2017 at a rate of 3.5% for 5 years, then at the prime rate plus 2.75% Why would someone refinance again after 4 years? Is this something to be concerned about?
Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007

Did they take out more money? You can ask this to the managing agent.

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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009

So they could take our more money and have the same coupon because of the slightly lower rate. It's the "free money" syndrome - until rates go up and it all goes South fast.

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