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Whats next after appraisal

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alwayshopeful
Established Member

Whats next after appraisal

Ok, here it goes.  Received preapproval from the bank on 2/15.  My loan officer use to be an underwriter for 8 years and has been on top of everything. Everytime she needs more paperwork I get it to her within a few minutes, considering the bank is right down the road.  This morning the appraiser called to set up an appt and he's going to be doing the appraisal tomorrow (2/27) morning at 10:00.  We have a set closing date of March 29th but realized thats good friday and hoping to do it earlier that week.  What happens when the appraisal paperwork is turned into the bank?  How much longer?  Can we close before the 29th?  I asked my loan officer if she sees anything that would cause underwriting (since she use to be one) to delay anything or deny it and she said no....so stressed!!

Message 1 of 11
10 REPLIES 10
tooleman694
Valued Contributor

Re: Whats next after appraisal

I would think you could get a conditional approval with the apprasial being the last condition before closing.

Message 2 of 11
JM-AM
Valued Contributor

Re: Whats next after appraisal

Depending how busy the appraiser is will play a small part.

Once appraise they have to submit paperwork and if busy it just a little bit for them to submit.

But from what you mention if no issues you most likely would be able to close sooner. Also depends on type of loan. For example if USDA loan UW approves then has to be sent into USdA for approval.

Keep in mind closing earlier may change what your daily interest. Not a biggie but just letting you know.
Good Luck
May all your dreams and wishes become a reality!
Message 3 of 11
tooleman694
Valued Contributor

Re: Whats next after appraisal

If it were me I would close the the first week of April, that is what we are doing.

Message 4 of 11
alwayshopeful
Established Member

Re: Whats next after appraisal

Were doing a 30yr conventional with our small local bank

Message 5 of 11
alwayshopeful
Established Member

Re: Whats next after appraisal

We were initially set to close on April 5th but decided to do it at the end of the prior month because of less due in escrow and taxes and mainly I'm to impatientSmiley Happy  Were actually buying the house that we've been renting for 10 years and got it for $148,000.  Right now the fair market value is 184,600 so we'll see what the appraiser says

Message 6 of 11
tooleman694
Valued Contributor

Re: Whats next after appraisal

I like have 2 months of no mortgage payments hehe.

Message 7 of 11
MovingForward_2012
Valued Contributor

Re: Whats next after appraisal

What happened in my situation is the appraisal report came back to me for review and I had to sign an acknowledgement form stating that I received and reviewed the appraisal. This was one of my last conditions that I had to satisfy. My LO told me after that, that my file was ready to go to both UWs (I went through the housing authority for a special loan program and their UW had to approve the loan). A day later the UW at the housing authority approved and then it went to the lender's UW for approval. Shortly after that, I received a conference call with my mortgage lender and Chase Bank on the line requesting access to my account. I gave access and my lender began hammering Chase with questions. I was told earlier to keep this new account with a zero balance, which I did but the new account wasn't on the credit bureaus yet so the lender couldn't see that. About 3 days later, I received some final contractual docs I had to sign in the system due to a $500 lender credit that was negotiated late for Radon Mitigation. 24 hours later, I got clear to close and closed the next day.

So once you get your appraisal back, and acknowledge and satisfy all remaining conditions, your file goes to the UW for final approval, and during this time, you wait for clear to close!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 8 of 11
MovingForward_2012
Valued Contributor

Re: Whats next after appraisal

Oh by the way, if you close at the end of the month, you avoid paying a lot of interest but your first mortgage payment will be due May 1st. If you close first week of April, your first payment isn't due until June 1st.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 9 of 11
xazilizax
New Contributor

Re: Whats next after appraisal

LUCKY YOU!!!!!!!!!!!!!!!!!!!!!!!  he he he  Smiley Happy

Message 10 of 11
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