on the moving parts. That’s why having an excellent broker/loan officer is paramount to your understanding and satisfaction with the process. The broker/loan officer must make time to explain the documents in detail and be of great service to you. The loan officer has the obligation of knowing in detail and explaining the lender’s loan programs and requirements. That’s why you don’t want to work with just any loan officer. Find the one who will treat you well and walk you carefully through the steps. Choosing the right broker/loan officer could mean the difference between saving thousands of dollars...or losing thousands of dollars.
PROCESSING: THE AP G: THE APPRAISAL
One of the most crucial steps in the lending process is the lender’s appraisal of the property. This is where the lender will determine whether or not the house is worth the amount of money they are going to lend to the borrower.
Let me warn you upfront: the appraisal process can be a wild ride.
The lender orders the appraisal. It could take a week, two weeks, or even three to get the appraisal back. Hughes Lending Solutions partners with vendors who usually obtain their appraisal reports within 3-5 business days after the appraisal is conducted, allowing for a quicker closing process. Appraisal companies utilize a more complicated system than in the past. It used to be that an appraiser would stop by your house and walk through it for an hour or so. Now, things are much more complicated. The reason for the complication is because the lender has to protect its investment. It is investing in both the home as a financial asset and in the borrower as a client.
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