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The Meter is Running
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Refinancing doesn’t just mean getting the lowest interest rates.
Did you know that you can shop around for everything from closing costs to title insurance?
Two words of advice for any co-op board getting ready to refinance its underlying mortgage: shop around. And not just for the best
interest rate.
“So many boards take prices as a given,” says Daniel Price, president and CEO of OneTitle, a Manhattan based title insurance company. “They shop around for the best rates and terms on the mortgage itself – but very few people realize that many closing costs are shoppable as well.”
Among these figures, he includes the cost of the mandatory building survey, title insurance and its ancillary fees, and fees for the board’s and the lender’s lawyers. Once the board has succeeded in getting the best prices on these assorted items, it must figure out how to pay for them. “Speak with your accountant and property manager to discuss possibilities,” Price advises, “including options to pay up front, as part of an assessment, or even partially through building funds. Learn how other similar buildings have covered these costs.”
Taken together, the savings can be significant. “The board’s investment in time and effort is relatively minor,” Price says, “but it can have a big payoff.”
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