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I am currently buying a co-op and the sheer amount of information that the bank is requesting is ridiculous. I had to write four letters signed by various people at my job assuring them that the information I submitted to them is valid. Apparently credit scores of 780+, pay stubs, bank statements, and tax returns is not enough for them. This whole process is taking forever (45+ days for a commitment letter with ~30 conditions to be met) and the rates are constantly going up each day. Is there any end in sight to the rates going up within the next couple of weeks? I am at the point where I don't even give a poo poo about the rate. I just want this nightmare to end.
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Jun 11, 2009 04:03
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| # ¿ Apr 29, 2024 22:54 |
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Rates are up again today 
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Jun 12, 2009 02:25
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Rates were down today  Do you guys think we can keep this downward momentum after the whirlwind that was the last two weeks?
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Jun 16, 2009 02:57
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Just got my closing date and locked in. I am buying a co-op so the rates are a bit higher (Fannie Mae's mortgage penalty for people moving into lower price residences is absurd). I ended up getting 5.25% with 1 point. I suppose it could have been worse when the rates were creeping around 6% earlier this month.
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Jul 2, 2009 06:24
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