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 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. A smart lender will not loan hundreds-of-thousands of dollars to someone without properly vetting every single aspect of the borrower and the property.
29
Powered by FlippingBook