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After the appraisal, then what? After the mortgage approval?

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maiden
Whoa!

Member since 5/08

1814 total posts

Name:
T

After the appraisal, then what? After the mortgage approval?

I am in contract on a house and I am waiting for the appraisal to take place. After the appraisal, what are the next steps until the mortgage is approved? How long does it take? And, after the mortgage is approved, what needs to happen in order to close? How long from mortgage approval to closing?

TIA

Posted 11/23/10 11:36 AM
 
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CupcakeLady
LIF Toddler

Member since 10/10

423 total posts

Name:

Re: After the appraisal, then what? After the mortgage approval?

I just went through this and in my case after the appraisal it was just a waiting game. We had to submit a couple more things they needed, but nothing major. I think the length of time depends on the mortgage. We were going for one type and kept getting the run around because they wanted more comparables that didn't exist, so we went to a different type of loan and our broker had the commitment for us in less than 2 days.

When you ge the commitment, they'll let you know what conditions there are before closing. I'm pretty sure the exact length depends on if any conditions need to be met, and everyone's availability. We have a few minor things, but we're almost in the clear. Chat Icon

Posted 11/23/10 3:56 PM
 
 

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