waiting on appraisal...

[ceva02]

I am going nuts. It has been a week that the appraisal was ordered and nothing yet.

Today I did get an email from insurance agent that they sent off binder with effective date of 8/31. That only makes me worry more since the estimated date was about 9/20. Dont binders get sent after the loan is appoved and a set closing date? Cant close without an appraisal.

Thank you!

[StartingOver10]

Your insurance binder is sent in early to the lender for the underwriter to review it. Your actual coverage date would be the date of closing, but the lender wants to make sure you have adaquate coverage from an acceptable insurance company. Plus they use the actual cost to figure your escrows, if applicable. The binder shows you are covered and the lender is also the payee in the event of a loss to protect their interest in the property. So your insurance company did the right thing by sending the binder over now. You can always change the start date to the date of closing once your official closing date is nailed down.

[ceva02]

Thank you Startingover10!!!! I spoke with loan officer and she told me exactly what you said.