Tuesday, January 15, 2008
No, not procrastinating what needs to get done for the co-op application, but actually just the real job I have. The one that pays me for a living.
Things are moving along well, although we’ve been having problems hearing from our broker the exact format in which we need to prepare our package for the board. I’ve gotten very organized and anal, purchasing a binder, and dividers and clear plastic folders to put everything in. this is great when you have all the different documents like your past lease, your pay stubs (which I scanned and printed so they look better and more organized and also are in a standard 8 ½ X 11 format) and tax returns.
Of course, one of the things we need for the co-op application is our mortgage commitment letter, and to get that, we need to provide our mortgage guy with most of the things that the co-op board needs too. This is good in a sense because if we get together most of the stuff we need for the mortgage, we can just keep it organized and have for the co-op application. It’s just annoying b/c we have to get everything together quickly.
The interesting and wonderful thing about the digital age is that we were able to get copies of almost everything we needed from our mortgage broker electronically. This includes a signed copy of the contract, 2 pay stubs (scanned), 2 years tax returns (sent electronically from accountants, although my accountant is retarded and despite telling me they have sent to me twice, still have yet to receive), and all our bank statements. This would be a logistical nightmare to get and have mailed to you, but thanks to the power of the Internet and the ability to make files into PDF format, it’s much easier.
As of now, I’m just waiting for my accountant to send my returns over, and then we can submit to get our loan commitment letter. The other good news is that rates are going down so we can hope to lock in a good rate soon.
Once we have the commitment letter, we can finish up our application package. Of course, we are still waiting on our credit reports. Funny quick story…they tell you that you will receive your credit report in a non-descript envelope and that you are not to rip it. I forgot and opened mine. Luckily, it was a note saying that I had already received my free report and would have to pay if I wanted to order ($10.20 in NY State). I then realized Amanda probably had the same thing too, so I ordered those. Would have been a bad surprise to send to board and then find out we didn’t have the report there.
That’s all for now.