Is it beneficial for me to get a CEMA loan to refinance a Brooklyn co-op?

It's best to contact a local mortgage broker and have them do a comparison between a CEMA loan, and a traditional refinance.. Since there are fee's involved in a CEMA loan, the tax savings can be eaten up.. plus, your existing lender will most likely charge you a fee to get the process started, and that fee is not refundable if the loan doesn't go through.. it also depends on which county you live in.. some county's have a much higher tax rate than others, so there might be little or no advantage at all to do a CEMA loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I believe sinc eyou are a shareholder, the CEMA tax is minimal, if existent at all. I know you are getting pummelled right now, so you may have trouble reaching a local mortgage company. I am not licensed in NY, buit have done loans there fairly recently. If the guidelines haven't changed in the past 2 years, you should be fine.

Yup... best to contact a local mortgage broker in your scenario.

coop refinances are very inexpensive in new york since you are a shareholder not a home owner as would be a condominium owner. if you check your previous paperwork from your closing you will see there was no mortgage tax and minimal title charges . so as long as a benefit to the consumer by doing the refinance you are good to go. you can call my cell at 631-338-3022. i don't expect to have power much longer but you can e-mail me at gschneider47@yahoo.com. thank you, gary schneider