Investing in a coop is a wonderful idea that can ultimately provide you with considerable financial benefits. While some investors will pay cash when buying a coop, most will take advantage of the benefits associated with leveraging their investment and will seek out a coop mortgage. While residential real estate investment loans are seemingly plentiful, finding coop mortgages can be more challenging. The good news is that you can find great loan terms on a coop mortgage when you turn to MortgageDepot.
What Our Coop Mortgages Offer
At MortgageDepot we understand that the lending terms and the affordability of your mortgage will impact your return on investment, and we strive to provide all of our investor clients with highly competitive financing options. Our coop loans have a 35 percent down payment requirement, and we also offer your choice of a five or seven year term. These loans are amortized over 30 years to ensure that you have a low monthly mortgage payment. There are additional requirements in place for the property as well as the borrower, and we can help you to learn more about these requirements and guidelines when you contact one of our lending representatives today.
For Cash out Refinances and Purchase Needs
While some of our investor clients have plans to purchase their first coop investment, others may be searching for a coop loan that will enable them to pull cash out of their property. Our coop investor loan program is ideal for both options. With a cash out refinance loan under this program, the cash proceeds from refinancing the existing mortgage must be used to renovate the subject property. This can help you to make your property more attractive to potential tenants, to improve its value and more.
MortgageDepot is a trusted New York mortgage broker that specializes in providing competitive loan programs for both residential and commercial property types. If this coop loan program is not ideal for your lending needs, keep in mind that we also have numerous other programs that may be more well-suited for your goals. Simply contact MortgageDepot today to learn more about this and other programs we offer.