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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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SONYMA mortgage-how long is the process?
I'm curious how long the process takes to complete a Sonyma mortgage. For some reason I thought it was about a month or two longer than a regular mortgage, am I wrong?
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Posted 8/14/08 3:19 PM  |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: SONYMA mortgage-how long is the process?
The process can be very long and drawn out. I would estimate 4-6 months from the date you start the process.
Message edited 8/14/2008 3:22:44 PM.
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| Posted 8/14/08 3:22 PM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: SONYMA mortgage-how long is the process?
Posted by csorisi
The process can be very long and drawn out. I would estimate 4-6 months from the date you start the process.
eek
ty
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| Posted 8/14/08 3:59 PM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: SONYMA mortgage-how long is the process?
it doesn't take that long. If you are looking into closing fast, then it's not the best route to go.
they take about 2 months as long as you have all your documents ready.
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| Posted 8/14/08 5:22 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: SONYMA mortgage-how long is the process?
We applied, had all the paperwork ready, and it took 3 months for us to get turned down.
Basically the income limit is like $97,000 or something for the low-interest program....DH receives large bonuses that vary by year and are not part of his base salary. Without the bonuses we were basically right at the limit at the time we were buying 5 years ago. The Bank of NY strung us along saying that the bonuses would not be counted as base salary for the salary limit, then literally the week before closing told us they were, and we were turned down. We were forced to still use BNY because it was too late to shop around for another bank.
So, my advice, if you do it, avoid Bank of NY, and if you get bonuses, know that they ARE included in your base salary!
Message edited 8/15/2008 8:57:27 AM.
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| Posted 8/15/08 8:56 AM |
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sunni2552
LIF Adolescent
Member since 8/07 516 total posts
Name:
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Re: SONYMA mortgage-how long is the process?
I applied for my mortgage the second week of June I got my commitment from SONYMA on 7/31- but I am still waiting on my clear to close. The process is very long- but if you aren't in a rush it is worth it- the interest rates are lower- mine is 5.75 and they also have a closing cost assistance loan- that you don't need to repay if you stay in the house for 10 years- for someone like me it was ideal- I am single and I am not in a huge rush to close. Good luck!!
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| Posted 8/15/08 10:55 AM |
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neener1211
:-)
Member since 4/07 22952 total posts
Name:
J
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Re: SONYMA mortgage-how long is the process?
Thank you!!
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| Posted 8/15/08 11:04 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: SONYMA mortgage-how long is the process?
I think it depends on what bank you go through, some are longer than others.
ETA: Here you go!
Message edited 8/15/2008 1:49:16 PM.
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| Posted 8/15/08 1:46 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: SONYMA mortgage-how long is the process?
Posted by cindy104
I think it depends on what bank you go through, some are longer than others.
ETA: Here you go!
That is very interesting we had talked to HSBC about getting this mortgage and they told us they could close in 30 days if we had all of our paperwork.
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| Posted 8/15/08 10:18 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: SONYMA mortgage-how long is the process?
Posted by JandJ1224
Posted by cindy104
I think it depends on what bank you go through, some are longer than others.
ETA: Here you go!
That is very interesting we had talked to HSBC about getting this mortgage and they told us they could close in 30 days if we had all of our paperwork.
It says it's an average, so it's very possible you'll get the 30 days. The might've been over a few time here and there
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| Posted 8/15/08 11:08 PM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: SONYMA mortgage-how long is the process?
Posted by JandJ1224
Posted by cindy104
I think it depends on what bank you go through, some are longer than others.
ETA: Here you go!
That is very interesting we had talked to HSBC about getting this mortgage and they told us they could close in 30 days if we had all of our paperwork.
it's very possible.
We went in Contract on July 25th and we already received our commitment letter and on Monday we'll probably know our closing date. I also went HSBC.
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| Posted 8/16/08 11:05 AM |
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EJCLJ01
LIF Infant
Member since 8/08 213 total posts
Name:
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Re: SONYMA mortgage-how long is the process?
What is this, State Of NY Mortgage ?
Is it basically the same as an FHA loan?
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| Posted 8/16/08 12:13 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: SONYMA mortgage-how long is the process?
Posted by EJCLJ01
What is this, State Of NY Mortgage ?
Is it basically the same as an FHA loan?
Yes, "State of New York Mortgage Agency"
They off 6 different types of mortgage assitance in ny
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| Posted 8/16/08 2:21 PM |
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