How long does a Rocket Mortgage appraisal take?
When it comes to getting a Rocket Mortgage appraisal, the typical timeline is around 10-14 days. However, this can vary depending on various factors such as the complexity of the property and the availability of the appraiser. Rocket Mortgage aims to provide a seamless and efficient appraisal process, but sometimes unforeseen delays can occur.
FAQs about Rocket Mortgage appraisals:
1. Does Rocket Mortgage offer expedited appraisal services?
Yes, Rocket Mortgage does offer expedited appraisal services for an additional fee. This can help speed up the appraisal process if you’re in a hurry to close on your loan.
2. Can I choose my own appraiser with Rocket Mortgage?
Unfortunately, Rocket Mortgage does not allow borrowers to choose their own appraiser. Instead, they have a network of approved appraisers that they work with to ensure a fair and accurate valuation of the property.
3. What factors can impact the timeline of a Rocket Mortgage appraisal?
Several factors can impact the timeline of a Rocket Mortgage appraisal, including the availability of the appraiser, the complexity of the property, and any unforeseen issues that may arise during the appraisal process.
4. Will I be present during the appraisal of my property?
Typically, you do not need to be present during the appraisal of your property. The appraiser will coordinate with you or your real estate agent to schedule a time to visit the property and conduct the appraisal.
5. How is the value of my property determined during a Rocket Mortgage appraisal?
The value of your property is determined based on a variety of factors including the size, condition, location, and comparable sales in the area. The appraiser will take all of these factors into consideration when valuing your property.
6. What happens if the Rocket Mortgage appraisal comes in lower than expected?
If the Rocket Mortgage appraisal comes in lower than expected, it can impact the amount of the loan you are approved for. You may need to renegotiate the purchase price with the seller or come up with additional funds to cover the difference.
7. Can I dispute the results of a Rocket Mortgage appraisal?
If you believe there was an error in the appraisal of your property, you can request a reconsideration of value from Rocket Mortgage. You will need to provide supporting documentation to back up your claim.
8. Can I get a copy of the Rocket Mortgage appraisal report?
Yes, you are entitled to a copy of the appraisal report under federal law. Rocket Mortgage will provide you with a copy of the report once it has been completed.
9. How much does a Rocket Mortgage appraisal cost?
The cost of a Rocket Mortgage appraisal can vary depending on the size and location of the property. On average, you can expect to pay between $300-$500 for an appraisal.
10. Can I request a different appraiser if I am not satisfied with the results?
If you are not satisfied with the results of your Rocket Mortgage appraisal, you can request a second appraisal from a different appraiser. However, you will need to pay for the cost of the second appraisal.
11. What happens if the Rocket Mortgage appraisal comes in higher than expected?
If the Rocket Mortgage appraisal comes in higher than expected, it can work in your favor by potentially increasing the amount of the loan you are approved for. This can be a positive outcome for buyers.
12. How long is a Rocket Mortgage appraisal valid for?
A Rocket Mortgage appraisal is typically valid for 90 days from the date it was completed. After this time, a new appraisal may be required if you have not closed on the loan.