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After you locked in your rate...?
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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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After you locked in your rate...?
How long after did the appraisal happen? And how long was it between locking in and closing?
We locked in our rate today (lower than we were quoted last week so yay!) so I'm just wondering what the timeframe for next steps is.
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Posted 7/22/13 4:45 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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After you locked in your rate...?
The appraisal really has nothing to do with your rate lock. They should be ordering the appraisal a week or so after they get the fully executed signed contracts and you pay the application fee and they do all your initial loan paperwork.
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| Posted 7/22/13 4:48 PM |
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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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Re: After you locked in your rate...?
Posted by ave1024
The appraisal really has nothing to do with your rate lock. They should be ordering the appraisal a week or so after they get the fully executed signed contracts and you pay the application fee and they do all your initial loan paperwork.
OK, so that was today. We sent our mortgage guy everything yesterday. So the appraisal should be ordered soon.
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| Posted 7/22/13 4:51 PM |
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LiGirl1225
LIF Infant
Member since 6/13 69 total posts
Name:
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Re: After you locked in your rate...?
Like pp said, rate lock has nothing to do w appraisal. We got out commitment and the "approval" from bank. Right after that, the appraisal was ordered. Between the actual appraisal and ordering is when we rate locked by of a slight dip in rates. Rate lock can happen several days before a closing, no interference w appraisal or mortgage.
After we got appraisal, we got clear to close 1.5 weeks later because everything else was ready o go.
Message edited 7/22/2013 5:51:52 PM.
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| Posted 7/22/13 5:51 PM |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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After you locked in your rate...?
As pp's noted, rate lock & appraisal are not connected. We locked in our rate just before closing, at least several weeks (probably about 3-4) after the appraisal came in
Message edited 7/22/2013 5:56:15 PM.
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| Posted 7/22/13 5:54 PM |
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lucky1007
My Princess is Here!
Member since 11/11 1131 total posts
Name:
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Re: After you locked in your rate...?
we didn't lock in the rate until right before because the rate is only good for a certain amount of time then you have to relock in. It has nothing to do with appraisal. In fact I believe the opposite might be true... I dont know if you can lock in until the appraisal is done because the appraisal determines whether the bank will approve your contract/purchase amount or not.
The appraisal was done as soon as my contracts were signed.
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| Posted 7/23/13 12:26 PM |
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