how long will it take for a bank to close after the appraisal has been done?
Hi there, the bank appraisal is a critical step for the bank to issue a final mortgage commitment. Your offer/contract, if in standard form, likely includes a mortgage commitment date. A bank ususally needs a minimum of 30 days to issue a final commitment. There are two things that the bank is evaluating to issue this final commitment:
1. Property Value: This is what the appraisal accomplishes. The appraisal doesn't just need to be completed, it needs to be received by the bank and the value has to be acceptable.
2. Creditworthiness of Borrower/Buyer: This is the piece that you directly influence. Be sure that you are responding promptly to any/all requests for information from your lender.
I sense from the question that you are unclear or concerned on the status/timing. Call your mortgage rep and ask him/her specifically whether the appraisal came back satisfactorily to support your purchase and whether there is anything that the bank needs from you to move the loan file to closing.
Incidentally, know that you can request a copy of your appraisal - ask your lender about that as well.
Good luck on closing your purchase. I see Bridgewater - great community. Somerset County is my stomping ground, good choice!