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Locking in Mortgage Rate after Co-op Board Mtg
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jennandrob
mom of two!
Member since 5/05 4368 total posts
Name:
Jenn
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Locking in Mortgage Rate after Co-op Board Mtg
We met with a mortgage broker who suggested we lock in our mortgage rate AFTER we meet with the Co-Op Board (since board the traditionally take a long time to process paperwork)
Has anyone ever heard of this? Done this? Is it even possible?
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Posted 5/10/08 7:48 AM  |
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rkoenke
my little piggys
Member since 3/08 4315 total posts
Name:
rachel
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Re: Locking in Mortgage Rate after Co-op Board Mtg
my mother is a real estate atty. she HATES dealing with closings with co-ops. The boards are terrible. I think you got the right advice...
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| Posted 5/10/08 8:12 AM |
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QuickLee
LIF Zygote
Member since 3/08 33 total posts
Name:
Cheryl
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Re: Locking in Mortgage Rate after Co-op Board Mtg
I agree. It may take a while for you to get the appt and approval w/ the co-op board. By that point, your lock in rate date may have passed and you'll need to pay for the extension.
After you meet w/ the board and get the approval, it still takes some time to get a closing date (but that should be within the lock in date). Unlike a traditional house purchase, there are more parties involved and more schedules to coordinate.
Message edited 5/10/2008 12:03:19 PM.
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| Posted 5/10/08 12:02 PM |
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jennandrob
mom of two!
Member since 5/05 4368 total posts
Name:
Jenn
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Re: Locking in Mortgage Rate after Co-op Board Mtg
Thank you for your responses!
Can anyone else offer any insight?
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| Posted 5/12/08 9:35 AM |
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