We got you to the fifth checkpoint, Loan approval, in our previous post.
Now we tackle the sixth & seventh checkpoints on your way to home ownership: Appraisal received & Resbumitted for final approval.
We will get the appraisal ordered as soon as we get the green light from your real estate agent. This generally comes once the home inspection has been completed, it has been reviewed by you, and any repairs have been negotiated between you and the seller.
Appraisal turnaround times have been pretty consistent at about two weeks. We can get an appraisal in about three business days if we order it on a rush and pay an extra $150.
We will call you when the appraisal comes in to review the important information on the report. We will also call the real estate agents on the deal to let them know that the report is in and address any issues, if applicable.
We will also send you and the agents a copy via e-mail for your records.
The appraisal is often the last item we need to get your loan resubmitted for final loan approval. Once we have collected all the conditions needed to get your final loan approval, we will resubmit the loan to the underwriter. The underwriter will review the conditions and, in a perfect world, issue the clear to close.
It is not uncommon that underwriters issue an updated loan approval with a few more items needed before they can issue our clear to close. We try to do a good job of anticipating what they will need to issue our clear to close on the first resubmission so we can get you to the closing table as quickly as possible.
Next, we will tackle Checkpoint 8 – Closing disclosure out.