How long to close refinance after appraisal?
The timeframe for closing a refinance after an appraisal can vary depending on several factors. Typically, most lenders take anywhere from 30 to 45 days to close a refinance after the home has been appraised. However, some lenders may be able to close in as little as 2 weeks or as long as 60 days.
There are several steps involved in the refinance process after an appraisal, including reviewing the appraisal, underwriting the loan, obtaining final approval, and preparing the closing documents. All of these steps can impact the time it takes to close a refinance after an appraisal.
It’s essential to work closely with your lender to ensure a smooth and timely closing process. Be sure to provide any necessary documentation promptly and respond to any requests for information or clarification quickly to help expedite the closing process.
1. What is an appraisal?
An appraisal is an assessment of the fair market value of a property, conducted by a licensed appraiser to determine the property’s worth.
2. Why is an appraisal necessary for a refinance?
An appraisal is required for a refinance to ensure that the property’s value justifies the amount of the loan being requested.
3. How long does an appraisal typically take?
An appraisal usually takes anywhere from a few days to a week to complete, depending on the property’s location and complexity.
4. Can I choose the appraiser for my property?
In most cases, the lender will select the appraiser for your property to ensure an unbiased assessment of the property’s value.
5. What happens after the appraisal is completed?
Once the appraisal is completed, the lender will review the appraisal report to determine if the property’s value meets the lender’s requirements for the loan.
6. How does the appraisal impact the refinance process?
The appraisal plays a crucial role in the refinance process as it determines the property’s value, which directly affects the loan amount and terms offered by the lender.
7. What if the appraisal comes in lower than expected?
If the appraisal comes in lower than expected, you may need to provide additional documentation or make up the difference in cash to meet the lender’s requirements.
8. Is the appraisal fee refundable if the refinance does not go through?
In most cases, the appraisal fee is non-refundable, even if the refinance does not go through. Be sure to clarify this with your lender before scheduling the appraisal.
9. Can I challenge the appraisal if I disagree with the value?
If you believe the appraisal value is incorrect, you can challenge the appraisal by providing additional information or requesting a review of the appraisal report.
10. How long does it take for the lender to review the appraisal?
The time it takes for the lender to review the appraisal can vary, but it typically takes a few days to a week for the lender to assess the appraisal report and make a decision.
11. What factors can delay the closing of a refinance after an appraisal?
Several factors can delay the closing of a refinance after an appraisal, including issues with the appraisal report, additional documentation requirements, or delays in underwriting the loan.
12. Can I request an expedited closing for a refinance after an appraisal?
Some lenders may offer expedited closing options for refinances after an appraisal, but these may come with additional fees or requirements. Be sure to discuss this with your lender if you need a faster closing timeframe.