Mortgage Appraisal
How long between Reverse Mortgage Appraisal and closing?
Does anyone know how long it takes between the appraisal and closing when doing a reverse mortgage? My father is doing one and the lender (Wells Fargo) got the appraisal back yesterday. How much more time until my father receives his money?
There is no exact time for all loans, however, generally the average is about 4-5 weeks from the time of the application. Usually the appraisal is about a week after the application, so probably about 3-4 more weeks. That is the average for most loans. If there are any problems or issues in underwriting, then anything can happen from a day or so to a couple of months. Rarely do they have such problems, but it can and does happen from time to time. The only other major exception to this rule, is if there is a foreclosure in progress, in which case the time frame usually goes to about 1-2 weeks from application as they are moved to the top of all other applications.
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The above mentioned are the basic requirements in order to qualify for a home loan. Secondly, I was interested to know how big a home loan I could get considering Mortgage Appraisal. As soon as I knew how much, I could start searching for a house.
Mortgage Appraisal
? About Assessment mortgage?
I know nothing about the mortgage process, but my husband and I are trying to buy our first home. It the bank told us that the whole process takes about 6-8 weeks on average. We collected the paperwork Monday, turned in on Tuesday morning and was approved for the loan before noon on Tuesday. I know I still have to do the assessment before it is a sure thing, so I'm trying not to get too excited yet. Anyway my question is, how long does it usually take before a bank makes the assessment? I'm so anxious to know for sure that the house will be ours. I almost sure assessment is good, but you never know. It would be better to wait until the tax return in February to claim the first-time home buyers Credit or amend our 2008 tax?
I used to be simple, a couple of days that the banks use an application from a company that randomly selects an appraiser. Often, the selected evaluator can not know the area, therefore, the assessment may be out of a more or less. This process takes weeks.