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Mortgage Refinancing Help
: Business: Real Estate: Residential
: Cooperatives (13)
 The majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.
 See also:
 Canadian Co-operative Network »
An umbrella website for housing co-ops. Tour affordable housing co-ops, apply on-line and share information.
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 International Co-operative Housing »
Lobbies, educates, researches and informs about co-operative housing as a solution to housing needs. Includes links to reports from the International Co-operative Housing Committee.
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 Waterloo Cooperative Residence Inc. »
Student housing cooperative in Waterloo, Ontario, Canada. Includes general information about Waterloo and housing co-ops.
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 University of Texas ICC »
Provides cooperative student housing off campus at the University of Texas at Austin. Information, online application form, and details of the coops history.
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 Dreamtime Village »
An experiment in ecovillage design, based in Lima, Peru. Includes stories about living in Dreamtime, and contact information for new resident applications.
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 Radical Routes Secondary Co-op »
Helps small, radical co-ops to establish themselves. Includes background, articles, co-op members, and publications.
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 Co-operative Housing Federation of Toronto - CHFT »
CHFT
- Member-funded organization that promotes and develops non-profit co-operative housing in Toronto and York Region. Provides education, information, advice, and services to members.
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 Trent-Moira Co-op Estates »
General information about a housing co-op located in Ontario, Canada.
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 Co-operative Housing Federation of British Columbia (CHF BC) »
Association of non-profit housing co-ops. Includes information about and for housing co-ops, member services, and co-op directory.
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 Community Housing Council of South Australia »
Many articles, FAQS, and newsletters on cooperatives and community housing in Australia.
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 National Association of Housing Cooperatives »
The U.S. N.A.H.C. is a nonprofit national federation of housing cooperatives and mutual housing associations. Contains information on living in and starting housing co-ops, a listing of publications, and links and member information.
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 WeOwn (Association for Resident Control of Housing) »
Site detailing models for housing co-operatives and useful information to members of them.
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 The Council of New York Cooperatives & Condominiums »
News and archived information for residential housing cooperatives and condominiums in New York and beyond.
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 When lenders offer a "no-cost" loan, they may include a prepayment penalty to discourage you from refinancing within the first few years of the loan. Ask the lender offering a no-cost loan to explain all the fees and penalties before you agree to these terms.
For both new buyers and refinancers, it's important to understand what a no-cost mortgage loan or a no-cost refinance loan really means. "No cost" does not mean that closing costs (also known as settlement costs) have been erased. It means that the closing costs will be factored into the interest rate associated with the loan. Of course, this also means that, all other things being equal, the interest rate associated with a no-cost mortgage will always be higher than one where the borrower pays the closing costs up front.
When evaluating different lender offers, in the mortgage loan pre-approval process, pay closest attention to the interest rates they are offering & the closing costs. These are the two biggest factors that will help you figure out which lender is right for you. If one of these two factors is too high, it could offset the benefit of refinancing for you.
Ask the lender or broker for a comparison of the up-front costs, principal, rate, and payments with and without this rate trade-off.
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