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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.
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  • 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.

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