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Old 03-22-2010, 04:40 PM
 
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How long does it usually take to get an appraisal once you got to contract? And how long after that does it take to get your mortgage commitment?
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Old 03-22-2010, 10:16 PM
 
Location: I'm gettin' there
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Your loan officer has to order the appraisal as soon as possible. Once the actual appraiser looks at the house you should have the appraisal within a week from that.
Mortgage commitment depends on various factors, your application + complexities (or lack of it), bank underwriting speed, additional docs etc etc.
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Old 03-22-2010, 10:50 PM
 
Location: Long Island
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Quote:
Originally Posted by Smithwicks View Post
How long does it usually take to get an appraisal once you got to contract? And how long after that does it take to get your mortgage commitment?
Once you go into contract, contact your lender immediately; they will order the appraisal, which can take about a week or so. Once the lender gets the results for the appraisal, which can take another week or so - the underwriting process begins. In the current lending environment the final commitment can take between 45-60 days.
However, each lender is different and each sale/purchase is different so the above are estimates at best.

Once you have your final commitment, closing is usually "just around the corner"...
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