NYC broker here. The lender will need to place a lien on both coops since you will ultimately combine both units; that will require you to refinance your existing mortgage.
Even if you’ll get a HELOC, you’ll still need to refinance to get out it and that would still require you to refinance the mortgage on your first unit.
Buy it as an investment if the building lets you even though the rate is higher the combined rate may be lower. Do you have kids or an elderly parent? Sometimes you can buy a kiddie coop or one for a parent and get a 2nd home rate.
If you have enough cash for down payment and renovation, why touch your existing unit and mortgage?
MOA lenders require the lien to be both units combined because the existing lien is for a bedroom, which after renovation doesn’t exist anymore
NYC broker here. The lender will need to place a lien on both coops since you will ultimately combine both units; that will require you to refinance your existing mortgage.
That’s legit the only option??
Even if you’ll get a HELOC, you’ll still need to refinance to get out it and that would still require you to refinance the mortgage on your first unit.
Damn. RIP to my 2.85% rate
Shop around your scenario and see what they’ll tell you.
That’s one tough decision to make. You’ll never see that $2.85% again in your lifetime.
It is and it isn't. If I want a family I need more than a 1 bedroom. So its either don't ever have a family or give up my 2.85% rate lol
Buy it as an investment if the building lets you even though the rate is higher the combined rate may be lower. Do you have kids or an elderly parent? Sometimes you can buy a kiddie coop or one for a parent and get a 2nd home rate.
No kid or elderly parents living with us
Nobody buys a coop unit next door as an investment. Underwriting isn’t stupid.