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).
How long does underwriting take once everything is finished**
Forgot to proof read :/
- Glenn SLv 77 years agoFavorite Answer
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.
- Anonymous5 years ago
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- WCLv 77 years ago
No set timetable. It could be anywhere from a couple of days to weeks.
- vannormanLv 43 years ago
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- real estate guyLv 77 years ago
It could happen in a week.