Appraisal and Underwriting
Refinancing an existing loan is more that just about the interest rate.
Appraisal
- CambridgeHomeLoan.com will order a new appraisal, if one is needed after you submit your loan application. Even though you will be asked what you think your house is worth on your loan application, dont be concerned about getting it perfect. A general estimate of what you think your home is worth is sufficient.
- Once ready , an appraiser will be hired to conduct a proper appraisal based on the current market value of your home. A home appraisal is based on comparable recent home sales in your neighborhood, typically in the past six to twelve months. In addition, a title report and other third party services that are required by your lender, will be ordered in order to close your loan.
- With a refinancing loan that require an appraisal, you can expect to pay an estimated $300 to $700 depending upon the current value of your home according to the appraiser. On the loan application, you will be asked to state what you believe the current value of your home is. The appraiser will then arrive at a final adjusted value by locating at least three recent sales of similar type homes based on specific criteria and in your area and comparing those final values with your home features.
Underwriting
-
Once your file is completely documented with an appraisal including title work, the completed file will be delivered to the underwriter. The reviewing underwriter is the individual that will make sure that the loan being submitted meets all of the established guidelines of the program being applied for.
-
Once the underwriter has gone through the loan docs and is sure that it does meet all the guidelines, it moves to the closing department. If the underwriter has questions about some of the information submitted, the loan processor will contact you for any additional information needed. If more information is needed, try not to keep the underwriter waiting. Once fully satisfied, the underwriter will then sign off on the loan and the file is sent to the closing department which will prepare
the loan for closing.
Refinance and Mortgage Loan Expert Advice
Fix and Flip Dallas Fort Worth
The Dallas metro area with a metro population of 7.5 million people A current unemployment rate of a very low 3.1% a median home price
New Jersey Fix and Flip Real Estate Market Report 2020
One of the top fix and flip and investment real estate markets, New Jersey is ripe for investing into real estate. Whether you are looking
How To Save Your Home From A Foreclosure
Homeownership is not just the American Dream it drives our nations economy. It employs millions of people in construction, retail, infrastructure, government, utilties and and
How To Find A Great Real Estate investment Property With Ease
How to Find a Great Real Estate Investment Property To Win!! There are tons of ways in which you can find a great property for
What I Look For In A Neighborhood When Buying Investment Properties
I often get the question, “What do I look for in a neighborhood?” My answer is always the same. “Easy. Value!” I usually get a
How To Find A Good Real Estate Investment Property
There are many ways in which you can find a great property for your real estate investment. The problem lies in the fact that many
Obtaining The Best Real Estate Loan Is Critical To Your Success
Why Obtaining the Best Investment Real Estate Loan Will Be Critical To Your Success You will find a huge amount of money to be made
Credit Score Underwriting Standards
500-579 or No Score 31/43 ot applicable. Borrowers with minimum decision credit scores below 580, or with no credit score may not exceed 31/43 ratios.
The Mortgage Markets Are Now Dominated By Non Bank Lenders
Most borrowers, whether they are purchasing property or refinancing their home, focus on their mortgage rate and loan terms rather than the type of lender