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how long does it take to close on a house after inspection and appraisal?

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How long to close a home loan after appraisal?
How long does it typically take to close on a home loan after the appraisal is in? Everything does underwriting take once everything is finished (the inspection, appraisal and all of our documents are in).
Update: How long does underwriting take once everything is finished**
Forgot to proof read :/

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asked Apr 25, 2017 in Business and Finance by Ciel

3 Answers

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It will take the appraiser a couple of days to write up the appraisal and send it to the loan processor. The loan processor finishes up the file and sent it to the underwriter.....another 2 days. Depending on how busy the underwriter it will take a 2 days to 5 days. If the underwriter calls out "conditions" the length of time would depend how long it takes you to provide the information or meet those conditions....another 2-5 days.

After that the loan documents are prepared, checked by the quality control department and sent to escrow for you to sign.......another 2 days. You sign them and over night mail them back to the lender.....1 day. The paperwork is again checked and the loan funds.....two days. When the loan funds then the title company records the following day if the loan didn't fund on a Friday.

Generally it will take at least 10 days to two weeks. The process goes faster when using a direct lender because the loan processor and underwriter is located in the same place. Using a mortgage broker slows the process down a few days.

I have personally closed on a property from start to finish in five days but that was many years ago. I used Home Saving Bank which became Washington Mutual then Chase. Back then the Loan Rep did his own processing, underwriting, and had a drive by appraisal. Obviously those days are gone forever.
answered Apr 25, 2017 by Glenn S
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How long is it taking to close on a house after inspection?
If any repairs were required after the inspection, allow time for that to be completed. You might want to check with your realtor to find out when the appraisal will happen - this could delay things a bit. But typically, a home should close within 30 days or so once the inspection and appraisal are completed. Make sure your realtor is in contact with you on a regular basis. They should be communicating status to you. Hope this helps. Christine Baker, Windermere.
answered Apr 25, 2017 by Gina
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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!
answered Apr 25, 2017 by Jeanne

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