Asked by Deboran  |  Submitted April 08, 2015

If someone owns a co-op and the mortgage is paid off, can they refinance or get a home equity loan in New York State?

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  Answers  |  1

April 08, 2015

Yes, it is possible to do a refinance on a coop in NY State. The mortgage taxes charged by NY are quite high, which certainly can complicate refinances, but the short answer is yes. I only do first mortgages in NY, so am not able to give you an answer to the home equity side of your question. Hope that helps, and thanks for asking!

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