Let me share you a story of about the importance of the home appraiser when it comes to refinancing your mortgage or qualifying for a new mortgage. My previous mortgage refinance took 65 days, and I wanted to share what I learned.
Back before the financial crisis, a refinance would take at most 40 days to complete. Nowadays, banks are asking for every single document out there, making sure the borrower is legitimate.
At least I can sleep well knowing that due to the new standards of due diligence, there will be a lower chance of another housing crisis in the future. The same concept goes with airport security come to think of it. Getting strip searched is a pain in the butt, but one should take comfort in a safer flight.
After more than 10 years of appreciation in the stock market and real estate market since 2009, it’s good to be more cautious. The last thing we want is another meltdown that ruins our financial independence plans.