Christine Buemann Mortgage Broker

In mortgage financing, appraisals are required to confirm the value as well as the condition of a property. Here are the most common scenarios where they could be required: Private sales Unique properties (log homes, mobile homes ext) Non-arms length transactions (ex between family members) Acreages and/or rural properties (or properties with large outbuildings or animals) Properties where there could be structural issues (ex MLS listings referring to "handyman special" ext") Refinances or renewals Conventional mortgages (or for those putting 20% or more down) Rental properties New construction  Some lenders will rebate the cost however you should budget to have the funds available. Most banks who "cover" the cost, simply charge it back to you at closing. As the mortgage lending landscape tightens, we have been seeing more requirements for appraisals so it is best to be prepared in case one is required. www.christinebuemann.ca

Are you ready to write an offer on a new property? Here are a few tips that will help make your financing of that property a little smoother: Be Prepared Many lenders now require all documents up front. If you do not have all of the required documents on hand, make sure to gather them ASAP. This is the most common cause for delay. They will likely be calling your employer to verify your employment details. Ensure this person will be available and can confirm the details. Timing is everything Try to leave yourself enough time for subject removal as well as closing. It is much easier to move up the dates, than it is to extend them. Some lenders offer “Quick Close” rates for deals closing within 30-60 days. Most rates are held for up to 120 days. If an appraisal is required, this can add an extra day or two to the financing condition. If you are able to put your closing and su...