What Happens During the Appraisal and Closing Process?

After the inspection is completed on your new home and any issues are addressed, it’s time for the appraisal.

Appraisal

Approximately one week after your loan package has been submitted to underwriting, your loan officer will order an appraisal for the property.  Once the appraisal is completed, it takes around 4 business days to get the full report from the appraiser.

Closing

Once the underwriter is satisfied with all of the conditions, items provided, and appraisal, the loan will be cleared for closing. Generally, closings will take place 48 to 72 hours after a “clear-to-close” is issued by the underwriter.

Expect the closing date to be scheduled 30 to 45 days from the date the file is submitted to underwriting, depending on the loan type.

If you have any additional questions about the mortgage process, call Keystone Mortgage at 865-909-0211. Providing Tennesseans with the best mortgage experience, period. So what are you waiting for? Get that dream home and apply here now.