New York's Cooperative and Condominium Community
Is there a way to compare our building's mortgage debt relative to neighbor buildings? Is hard to justify if the amount is large without a benchmark.
Thanks
I guess also going to streeteasy etc and looking up percent of maint being deductible is another good way for similar buildings. .
It is underlying mortgage plus taxes but still a building with a very little mortgage would have very little percent taxable.
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Property taxes are hitting coops hard, 42% of last years expenses went to taxes, 8% to mortgage interest, 25% to mortgage principal. I don't know how streeteasy gets their numbers, there is no info on their site for my building.
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Henlpp - can you provide more information about why a comparison of mortgage debt is important to you? Each building has its own financial character. Some may have 10 year interest-only mortgages while others may have 30 year self-amortizing mortgages. Some mortgages may have been in effect for 20 years and others may be new refinances.
What is it that you are trying to determine or figure out?
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If I were buying an apartment for the long term, I would like to see minimal increases in the maintenance from year to year and a possible reduction when the mortgage is paid off. As I indicated in another response, my coop is paying 33% of the budget, about $300k, in mortgage principal and interest per year, my share is almost $4000, which is covered by my maintenance. Underlying mortgage was refinanced, on track to be paid off in 2020. At that point, I could have a $325 per month (from $850) cut in maintenance without diminishing building services. One of my children was looking at purchasing in another building, they have 20 years to go on a 30 year self amortizing mortgage at 8% interest with a $5 million dollar mortgage. They should definitely look into refinancing while rates are still low, they would save lots of $$ over the next 20 years.
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JG - What kind of mortgage does your building have, self-amortizing or interest only? If its the self-amortizing kind that will be paid off in 4 years, then you are very lucky indeed!
As for the building your child is looking to buy into with the 8% self-amortizing, unfortunately refinancing is probably not an option. As I recently found out, commercial self-amortizing mortgages are very different from private self-amortizing in that they carry egregious pre-payment penalties which make refinancing virtually impossible except during the last few year.
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We originally had a 5 year interest only mortgage. We did a refi with National COOP BANK (NCB) for a 20 year amortization schedule but for a 15 year term, leaving a balloon at the end. We did another refi when rates were low, which incurred a prepayment penalty, plus we added more $$ for needed improvements, which was rolled into a new 10 year fully amortized mortgage for the same monthly payments as before due to the reduced interest rates. Payoff is Dec 2020. In my child's situation, I never progressed to get to speak to a board rep. or get all the details on the underlying mortgage.
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I'm jealous! :-) Congratulations on your Co-op's good fiscal management.
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I suppose you could try www.nyc.gov/acris, which is the NYC property document website. Underlying mortgages are recorded here as well as deeds and some other documents. It won't tell you the current balance, but it can be computed based on the original mortgage amount, interest rate and repayment period.
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