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baghag
:P
Member since 5/05 10278 total posts
Name:
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Personal loan for coop?
I was browsing coop listings and saw one that required a personal loan from a bank rather than a mortgage. Can someone explain this to me? The only difference I know of is that the interest rates for a personal loan are higher than a mortgage loan. 
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Posted 12/12/06 8:34 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Personal loan for coop?
i would think they do not want the co-op to be used as collateral.
A personal loan will only take into account your income and your debt and not the value of the co-op, etc.
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| Posted 12/12/06 8:42 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Personal loan for coop?
maybe the co-op isn't in good finacinal standing- and couldn't get approved for the mortgage
it happened to my friend- she was approved and the building was not
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| Posted 12/12/06 9:16 AM |
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baghag
:P
Member since 5/05 10278 total posts
Name:
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Re: Personal loan for coop?
That makes sense, TY!
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| Posted 12/12/06 11:02 AM |
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