Does anyone know what the average bank fees for taking out a mortgage (SONYMA) are? Does it depend on the amount of the mortgage, or is there a set amount for doing the paperwork and stuff?
I'm so overwhelmed!!
Thanks, Danielle
nov04LIbride
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Re: Mortage bank fees?
What do you mean bank fees? Closing costs? Our closing costs for a condo will be about $5000, but SONYMA covers closing costs (you pay some of them back if you move within 10 years). So far we had to upfront $1500 to apply, and lock in the SONYMA rate. That amount will go towards some of the costs we are required to cover, and we will be reimbursed if we needed to pay less than that.
palebride
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Re: Mortage bank fees?
Posted by nov04LIbride
What do you mean bank fees? Closing costs? Our closing costs for a condo will be about $5000, but SONYMA covers closing costs (you pay some of them back if you move within 10 years). So far we had to upfront $1500 to apply, and lock in the SONYMA rate. That amount will go towards some of the costs we are required to cover, and we will be reimbursed if we needed to pay less than that.
exactly you have to shell out some of the money up front, but it all gets taken care of.....
Danielle
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Re: Mortage bank fees?
1500? oh wow... I guess I'm not going to be buying some new furniture!!
I'm REALLY new to this and thank you so much for helping me with my homework!
I have been thinking about getting a place and this one suddenly fell into my lap, before I could really research all of this stuff. Oh well, most of life is learn-as-you-go, right?
Thanks!
Danielle
nov04LIbride
Posted:
Member since
Re: Mortage bank fees?
Posted by Danielle
1500? oh wow... I guess I'm not going to be buying some new furniture!!
I'm REALLY new to this and thank you so much for helping me with my homework!
I have been thinking about getting a place and this one suddenly fell into my lap, before I could really research all of this stuff. Oh well, most of life is learn-as-you-go, right?
Thanks!
Danielle
Did you call to make sure you qualify? The place has to be below a certain $, you have to make less than a certain amount combined, and you have to have worked in the same industry for 3 years, showing W2s for all three years. It is A LOT of paperwork, but I really hope it will all be worth it. We still had to put 20% down--we actually put more than that to make the monthly payments more doable.
Danielle
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Re: Mortage bank fees?
The person I spoke to at the bank took all of my information and I mentioned that I have only been a teacher for 2 years (starting my 3rd year in September), she didn't say anything about that...
She said the bank preapproved me and faxed over the letter to the real estate agent...and now I called her a few hours ago and she's suddenly not answering the phone... how fun... hurry up and wait.
This is a pretty inexpensive coop (well, it's more than I ever spent on something in my life!!) and I know I make less than the income limit and the loan is definitely less than the limit. But the 3 years in the industry is now a big question.... hmmm...
How long have you been in this crazy process?
nov04LIbride
Posted:
Member since
Re: Mortage bank fees?
Posted by Danielle
The person I spoke to at the bank took all of my information and I mentioned that I have only been a teacher for 2 years (starting my 3rd year in September), she didn't say anything about that...
She said the bank preapproved me and faxed over the letter to the real estate agent...and now I called her a few hours ago and she's suddenly not answering the phone... how fun... hurry up and wait.
This is a pretty inexpensive coop (well, it's more than I ever spent on something in my life!!) and I know I make less than the income limit and the loan is definitely less than the limit. But the 3 years in the industry is now a big question.... hmmm...
How long have you been in this crazy process?
Over a month now. We signed the contract for the condo the last week of May, but started the SONYMA paperwork the first week in June. Ask about the 3 year thing--I know people who were disqualified at the last minute because of that. We had to show our last three years W2, last 3 years income tax, last 2 mos bank statements, last 2 pay stubs...And fill out a TON of papers, some of which must be signed by the seller (saying there is no lein on the property). We will go over our anticipated closing date, I know that. If it is too much over our lawyer said they may force us to go to a conventional loan.
