Refinancing a coop - board approval?

Started by just_asking

almost 17 years ago

Posts: 3

Member since: Jan 2009

Discussion about

Do coop boards typically require you to get approval if you refinance your mortgage? What happens if you don't - would they even know? My board and management co both charge fees for processing/reviewing applications. Is this typical? and what do other buildings charge? Thx

Response by shong

almost 17 years ago

Posts: 616

Member since: Apr 2008

Every coop is different. Some you have to get approval for refis and some you dont. However, you cannot close without having them sign the recognition agreement. So one way or another they will know. Fees are very typical of coop refis. Ive seen anywhere from $100 to $800.

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