Home Buying in Staten Island>Question Details

wanttobuy, Home Buyer in Staten Island, NY

What time limit should I put in contract to allow bank time to be ready to fund loan at closing ?

Asked by wanttobuy, Staten Island, NY Tue Sep 3, 2013

Will put down over 35% & pre-approved. Not sure if there are comps available for this unique property, so concerned apprasal may not come in at purchase price.

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Answers

5
Hopefully you are using a Realtor who should be able to assist you with this question.
0 votes Thank Flag Link Wed Sep 4, 2013
Your loan officer can better answer the question, therefore consider a consultation...
0 votes Thank Flag Link Tue Sep 3, 2013
It could take up to 2 months or more in New York city depending on the bank and the type of property. Maybe you should have the appraisal done immedialtely or see if your realtor can fond any comparbles in the area.
0 votes Thank Flag Link Tue Sep 3, 2013
Your realtor and or your banker will let you know. 30-45 days is normal
0 votes Thank Flag Link Tue Sep 3, 2013
Refi's have virtually come to a halt, so Banks are not very busy and have been moving very quickly, as long as you get them any documentation they ask for quickly. Putting down 35% gives you and them wiggle room with the Appraisal. Chances are you would still qualify (Check with your Broker)for the mortgage down to 20% Equity of the Appraised value. It would be up to you to decide if you want to purchase a home that did not appraise for the full purchase price.

Just as a side note. Very often Banks are blamed for delays when in actuality it is the Title Company that holds things up. Have your Attorney order Title sooner rather than later.

Receive a Rate Quote at http://www.NYSmortgagerates.com

Best regards,
Will Knoop
646-552-2531
0 votes Thank Flag Link Tue Sep 3, 2013
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