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A Coop Board should use, in all cases, in securing the best deal available a licensed banking or brokerage firm for these deals and NOT the management company that they hire to do all else The 10\1, I\O with a 40 year amoritazion is the best product for a host of reasons and never should one accept yield maintenace as the pre-pay penalty but rather a descending prepayment penatly, for example, a 5\4\3\2\1 where there is in the last year there is a 90 day window to refiinance again w\o a penalty !
Most of these transactions are, sadly, handled by the management agent for these coop's and never do they get the best deal, again, for a host of reasons. Also, the 'points' charged should never exceed .75% of the loan amount, both for the first and the LOC by bank\broker, in total
mortgage@richlandequity.com
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