7 days til' this turkey's done!
Ah the smell of the bird and stuffing in the oven, the pies cooling on the windowsill, the hustle and bustle of the travellers to see their friends and family... and every real estate agents moment of anxiety!
The year 2007 itself is almost over and if you don’t have a signed contract by now, the likelihood of closing before the ball drops is not gonna happen. On average a co-op takes at least 60-90 days to close and for a condo less. The trouble with the holidays is that everyone is busy. Coop boards don’t interview as much, management companies are full to capacity and the mortgage situation is become longer and longer without having to buy gifts and go to 30 parties.
Besides compiling all the information and support for a package be it a condo or a co-op you still have to get the money! So How Long Does It Take To Get A Mortgage? The typical time frame is about a month. It can be shorter, and sometimes take much longer.There are two basic ways to get a mortgage: full documentation & stated documentation. In the full documentation you prove to the lender your income assets and work history as well as job verification. In the stated documentation, all of these are stated and not proven. These days this is becoming less and less available.
FEW QUICK TIPS:organize your paperwork. Typically this can involve: · 2 years of W2s · a month of pay stubs (for biweekly checks make sure you cover all 30 days!) · 3 months of bank statements For self-employed borrowers this can include: · Business bank statements · Company tax return · CPA letter certifying that you filed as a self-employed person Before the process starts, it is a good idea to check your credit. Once you choose a lender and they approve you, they may have additional requirements.
Good Luck!
Besides compiling all the information and support for a package be it a condo or a co-op you still have to get the money! So How Long Does It Take To Get A Mortgage? The typical time frame is about a month. It can be shorter, and sometimes take much longer.There are two basic ways to get a mortgage: full documentation & stated documentation. In the full documentation you prove to the lender your income assets and work history as well as job verification. In the stated documentation, all of these are stated and not proven. These days this is becoming less and less available.
FEW QUICK TIPS:organize your paperwork. Typically this can involve: · 2 years of W2s · a month of pay stubs (for biweekly checks make sure you cover all 30 days!) · 3 months of bank statements For self-employed borrowers this can include: · Business bank statements · Company tax return · CPA letter certifying that you filed as a self-employed person Before the process starts, it is a good idea to check your credit. Once you choose a lender and they approve you, they may have additional requirements.
Good Luck!
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