• Tel: 905-574-9200 Ext. 215

  • They could have saved the cost of their appraisal if they had known this…

  • appraisal

    Many lenders require an appraisal on a property to check the value before they will lend any money. Makes sense. Each lender will have a list of approved appraisers. However, did you know that even if the property has the value the lender is looking for, you still may not qualify? Occasionally our clients inform us that their homes are currently under renovation. This is a big NO NO with lenders. If you have any renovations that are currently underway that are not 90% complete, lenders do not look fondly on that. The reasoning is that if something goes wrong, they don’t want to be stuck with a home that is unsellable due to pending renovations! So please – when you are speaking with your mortgage broker or lender about a mortgage, it is best to divulge all the information to avoid disappointment and possibly an avoidable charge. Better to get the job done BEFORE the inspector comes in! Think of it this way: you want to make a good impression on the lender and in turn, the appraiser. So prepare the home for inspection almost as if you would if you were trying to sell it! Don’t schedule an appraisal with the kitchen cupboard doors missing and the floors torn up hoping that the bank will lend you the money to complete the job! Either complete it beforehand OR wait before you start! Better to have an outdated kitchen or bathroom than one that is in the middle of construction!

    Robert Floris

    Mortgage Planner

    651 Fennell Ave. East, Hamilton, Ontario

    905-574-9200 Ext. 215

    mortgages@robertfloris.com

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