How long does refinance take after appraisal?
The time it takes to complete a refinance after an appraisal can vary depending on several factors. On average, the entire process can take anywhere from 30 to 45 days. However, some refinances can be completed in as little as two weeks, while others may take longer than 45 days.
FAQs:
1. How long does it take for an appraiser to complete an appraisal?
An appraiser typically takes a few days to complete an appraisal after visiting the property.
2. How long does it take for the lender to review the appraisal?
Once the lender receives the appraisal report, it may take a few days for them to review it and determine the next steps.
3. What factors can impact the timeline of a refinance after an appraisal?
Factors such as the workload of the appraiser, the complexity of the property, and the lender’s processing times can all impact how long a refinance takes after an appraisal.
4. Can the borrower speed up the process of a refinance after an appraisal?
Borrowers can help speed up the process by promptly providing any requested documentation, responding to inquiries from the lender quickly, and ensuring the property is accessible for the appraiser.
5. Are there any potential delays that can occur during the refinance process after an appraisal?
Yes, potential delays can occur if there are issues with the appraisal report, missing documentation, or if the borrower’s financial situation changes during the process.
6. What happens if the appraised value of the property is lower than expected?
If the appraised value of the property is lower than expected, the borrower may need to bring additional funds to closing to make up the difference or reconsider their refinance options.
7. Can a borrower choose their own appraiser for a refinance?
In many cases, borrowers cannot choose their own appraiser for a refinance as the lender is responsible for ordering the appraisal.
8. How long does it take for the lender to underwrite the refinance after an appraisal?
Once the appraisal report is reviewed, it may take a lender a few days to a few weeks to underwrite the refinance and make a decision.
9. What happens after the lender underwrites the refinance?
After the lender completes underwriting, they will provide the borrower with a final decision on the refinance and any additional steps that need to be taken.
10. Can a borrower request a rush appraisal for a refinance?
In some cases, a borrower may be able to request a rush appraisal for a refinance, but this may come with additional fees and is subject to the availability of the appraiser.
11. What are some common reasons for delays in the refinance process after an appraisal?
Common reasons for delays include missing documentation, title issues, changes in interest rates, and delays in communication between the borrower and the lender.
12. How can borrowers prepare for a refinance after an appraisal to help expedite the process?
Borrowers can prepare by gathering all necessary documentation, maintaining good communication with the lender, and being responsive to any requests or inquiries throughout the process.