My appraisal was done on 7/6 as a refiance. When you you think we should close.?

Babygirl
Other/Just Looking
New York, NY

Answers (4)
John B
Mortgage Broker
or Lender

Studio City, Los Ang...

You need to ask your loan officer.
A loan process will normaly take 30 days, but in this market who knows

Look at this blog it will help you to learn more about your situation.
I've got most of my answers there as well.

Good Luck.

Tue Jul 21 2009, 10:13
Tony Grech
Mortgage Broker
or Lender

48170

Once the appraisal is back in and assuming the value came back satisfactory then you should normally be able to close within a couple weeks. But it all depends on what your particular lender's turnaround time is. The file needs to be underwritten and there still may be other conditions that need to be met.

Turnaround times vary in our industry right now. Lenders have been overwhelmed with refinance applications since rates started falling in November of last year, and the president's Making Homes Affordable initiative only added fuel to the fire with new inquiries about those refinances. Some lenders have a huge backlog of applications so as a result your file may be sitting behind those that were submitted earlier. It's not all that uncommon to take 45-60 days to close with some lenders. My advice to you is to speak with your loan officer to try and get an estimate, but beyond that just be patient. So long as your rate lock is not about to expire you're OK.

Best of luck

Tue Jul 14 2009, 08:56
Michael Byrne
Mortgage Broker
or Lender

Hillsborough, NJ

It depends- did you give the lender all of your documentation? Has title work been ordered? Does the lender have the completed appraisal? Some lenders(such as myself) can close in 3-5 business days after receiving an appraisal and all other required documentation. Some lenders/brokers can take up to 30 days.

DO make your mortgage payment for this month, regardless of when you are told you will close.

Tue Jul 14 2009, 07:52
JOE RUNFOLA, I...
Broker
Staten Island, NY
FIRST ANSWER

Again if all required paperwork and documentation is in order and at the underwriter's you will probably be given a closing date around July 24th depending on the lender, attorney availability, availability of buyer/sellers etc. Sometimes summer vacations can hold things up.

Web Reference: http://www.clovelake.com
Tue Jul 14 2009, 07:06

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