{"id":209520,"date":"2024-03-12T09:29:03","date_gmt":"2024-03-12T09:29:03","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/does-the-appraisal-have-to-be-complete-for-underwriting\/"},"modified":"2024-03-12T09:29:03","modified_gmt":"2024-03-12T09:29:03","slug":"does-the-appraisal-have-to-be-complete-for-underwriting","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/does-the-appraisal-have-to-be-complete-for-underwriting\/","title":{"rendered":"Does the appraisal have to be complete for underwriting?"},"content":{"rendered":"

When applying for a mortgage, one essential step in the process is the appraisal. An appraisal is an unbiased estimate of the value of a property conducted by a licensed or certified professional. It is a crucial piece of information for both the borrower and the lender to determine the fair market value of the property. However, does the appraisal need to be complete before underwriting can begin?<\/p>\n

**The appraisal does not have to be complete for underwriting to start.**<\/p>\n

Underwriters can begin their review of the loan file based on other documents such as the borrower’s financial information, credit score, employment history, and property details. However, the appraisal report plays a significant role in the underwriting process as it provides the lender with a third-party evaluation of the property’s value. Once the appraisal report is completed, the underwriter will use it to ensure that the loan amount aligns with the property’s appraised value.<\/p>\n

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