How long after a refinance application does the appraisal happen?

How long after a refinance application does the appraisal happen?

The appraisal typically happens about 1-2 weeks after a refinance application has been submitted. This timeframe allows the lender to assess the value of the property in question before finalizing the loan terms.

FAQs:

1. Why is an appraisal necessary for a refinance?

An appraisal is necessary because it determines the current market value of the property being refinanced. This value is crucial for the lender in assessing the risk of the loan.

2. Who schedules the appraisal?

The lender typically schedules the appraisal with a licensed appraiser to assess the property.

3. How long does an appraisal usually take?

An appraisal usually takes a few hours to complete, depending on the size and condition of the property.

4. What factors do appraisers consider during the appraisal?

Appraisers consider factors such as the property’s size, location, condition, recent sales of similar properties, and any improvements made to the property.

5. Can I choose my own appraiser for the refinance?

In most cases, the lender selects the appraiser to ensure neutral and unbiased results.

6. Do I have to be present during the appraisal?

Homeowners do not need to be present during the appraisal, as the appraiser will have access to the property.

7. How much does an appraisal cost for a refinance?

The cost of an appraisal can vary but typically ranges from $300 to $500, depending on the location and type of property.

8. What happens if the appraisal comes in lower than expected?

If the appraisal comes in lower than expected, the lender may offer a lower loan amount or request additional documentation to support the property’s value.

9. Can I contest the results of the appraisal?

Homeowners can challenge the results of an appraisal by providing additional information or requesting a second appraisal, although there is no guarantee the results will change.

10. How long does it take to receive the appraisal report?

The appraisal report is typically available within a few days after the inspection, and the lender will provide a copy to the homeowner.

11. Will the appraisal affect my property taxes?

The results of the appraisal may impact your property taxes if the assessed value of the property changes, but this varies by location.

12. Is an appraisal required for every refinance?

An appraisal is not always required for a refinance, as some lenders may offer appraisal waivers based on loan-to-value ratios and other factors.

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