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Endure Through It!
Buying a home is definitely a process and sometimes it can take a while. Although some companies have been promising 30 days to close on a house, the closing date is most often set between 45 and 60 days after the seller accepts the offer price. An inspection must be performed on the house and an appraisal also has to be ordered. During this time the mortgage goes to underwriting and the appraisal impacts the closing process.
If the appraisal is higher than the sales price, then the loan typically progresses pretty quickly. However, if the appraisal comes back low, it can slow things down or kill the deal altogether. After you get through this process and the loan has made it through underwriting, you can potentially get an approval. This is usually a time for celebration, and rightfully so.
However, the process isn’t quite over yet. Once you have made it this far, the lender will provide you with a commitment letter. They will sometimes also ask that you meet certain requirements before closing. This all depends on the strength of your credit history, the value of the home, and the current home-buying market. Here is a little bit about what happens next in the process.
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