1.Yes.user6249 wrote: ↑May 22nd, 2017 1:28 pmFirst time buyer here, waiting to hear back on an offer closing July 22. If accepted, I will have five days to get a commitment letter from a lender. A couple questions:
1. Is this usually enough time to get an unconditional commitment letter? I've already been pre-approved for the amount of the purchase (although I understand the pre-approval probably doesn't make much of a difference).
2. How often/when is an appraisal required?
2.If your mortgage is insured, an appraisal will likely not be needed. If it's not insured, appraisal will be required.
Mortgage Agent and Real Estate Sales Representative