she could do.
The woman ended up signing for the loan under the new, higher interest rate — all because she couldn’t spend the time to lock in that rate when she had the chance. And really, it’s not that woman’s fault she missed out on a better interest rate. These loan processing steps are complex, with many variations on the moving parts. That’s why having an excellent lender’s loan officer is paramount to your understanding and satisfaction with the process. The 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 old loan officer. Find the one who will treat you well and walk you carefully through the steps. Choosing the right lender 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. This is usually not because of the lender, but because appraisal companies utilize a more complicated system than in the past. It used to be that an
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