How long does Quicken Loans appraisal take?
The appraisal process through Quicken Loans typically takes around 10-14 days from the time the appraisal is ordered to its completion.
If you’re in the process of applying for a mortgage through Quicken Loans, you may have questions about how long the appraisal will take and what factors can affect the timeline. Here are some common FAQs related to Quicken Loans appraisals:
1. Can I expedite the appraisal process with Quicken Loans?
Yes, it is possible to expedite the appraisal process with Quicken Loans for an additional fee. However, expedited appraisals may not always be available due to factors such as the appraiser’s availability and workload.
2. What factors can affect the timeline of a Quicken Loans appraisal?
Several factors can affect the timeline of a Quicken Loans appraisal, including the availability of the appraiser, the complexity of the property being appraised, and any unforeseen delays in the appraisal process.
3. Will Quicken Loans keep me updated on the progress of the appraisal?
Yes, Quicken Loans will provide regular updates on the progress of your appraisal, including when it has been ordered, scheduled, and completed. You can also track the status of your appraisal online through your Quicken Loans account.
4. Can I choose my own appraiser with Quicken Loans?
Quicken Loans selects the appraiser for your property based on their qualifications and availability. However, if you have concerns about the appraiser assigned to your property, you can contact Quicken Loans to discuss your options.
5. What happens if the appraisal value comes in lower than expected?
If the appraisal value of your property comes in lower than expected, it can affect the terms of your mortgage. Quicken Loans will work with you to determine the best course of action, which may include renegotiating the purchase price with the seller or exploring other financing options.
6. Can I appeal the results of the appraisal with Quicken Loans?
If you believe there are errors in the appraisal report that may have impacted the value of your property, you can request a review of the appraisal with Quicken Loans. However, keep in mind that appraisal values are subjective and can vary based on the appraiser’s expertise and methodology.
7. Are there any upfront costs associated with a Quicken Loans appraisal?
Yes, there may be upfront costs associated with a Quicken Loans appraisal, which are typically paid at the time the appraisal is ordered. The cost of the appraisal can vary depending on the location and size of the property being appraised.
8. Can I provide additional information to the appraiser during the appraisal process?
While you may not directly communicate with the appraiser during the appraisal process, you can provide relevant information about the property to your Quicken Loans mortgage banker, who can then share it with the appraiser if necessary.
9. What type of properties does Quicken Loans appraise?
Quicken Loans appraises a wide range of properties, including single-family homes, condos, townhouses, and multi-family dwellings. However, the appraisal process may vary depending on the type of property being appraised.
10. Can I request a second appraisal with Quicken Loans?
If you have concerns about the results of the initial appraisal, you may request a second appraisal with Quicken Loans. However, keep in mind that second appraisals may not always result in a different valuation for the property.
11. How does the appraisal impact the closing timeline with Quicken Loans?
The appraisal is an important step in the mortgage process and can impact the closing timeline with Quicken Loans. If the appraisal is delayed or the value comes in lower than expected, it can result in delays in closing on your loan.
12. Can I use an appraisal from a previous mortgage application with Quicken Loans?
In some cases, Quicken Loans may accept an appraisal from a previous mortgage application if it meets certain criteria. However, it is up to the discretion of Quicken Loans to determine if a previous appraisal can be used for your current mortgage application.