For those who purchased coops, how long did it take from the time you mailed the mortgage application until they gave a committment letter? The seller and his lawyer keep calling us, because they think it's taking too long, it's been 3 weeks since the mortgage co. received our application. I've been leaving messages for the mortgage rep,s he's not there!
dubliner
Posted:
Member since
Re: CO-OPS
I'm sorry I don't remember how long it took, but I was never waiting on the bank Is the bank holding things iup? maybe its bc of all the refinancing people are doing - sorry
Fran M
Posted:
Member since
Re: CO-OPS
That sounds a bit long for a commitment letter. But lenders are very busy these days. Are you working with a broker or directly with a lender? I would follow up with them.
NIHA
Posted:
Member since
Re: CO-OPS
I'm so confused, I really should know this, but I don't know if it's a broker or a bank, I think it's a broker. They said that they have ordered an appraisal, and that's all they can tell me right now
chmpgnrose
Posted:
Member since
Re: CO-OPS
For us, it too what seems like an eternity. I think it took about 3 weeks. Our real estate agent was the middle man who was able to push the broker to get the mortgage application through. Bear in mind when we submitted our paper work, it was a lot personal history and financial history for the broker to process. Luckily our cooperative apartment is sponsor-owned rather than board owned because we did not have to interview with the board.
Good luck!
NIHA
Posted:
Member since
Re: CO-OPS
Our rep finally called me back just now at 7pm at home! She said it is taking longer than usual b/c rates are at their lowest now. Hopefully they will go in for an appraisal next week and we'll have our committment letter a few days after that so we can get interviewed by the board.
