If you are taking out a mortgage loan, the lender usually requires a professional third party appraisal of the home to determine the lending value. Lenders request an appraisal to mitigate risk and provide an objective opinion on the value of the property being financed. An appraisal can play an important role in your property financing. Getting an appraisal from Canadalend will not only protect the lender; it will also protect the borrower. When you are buying a home, you want to know if you are paying the right price and if the condition of the home is as promised.
What Is a Canadian Mortgage Appraisal?
An appraisal is a document that gives an estimate of a property’s fair market value. Lenders usually require a home appraisal before loan approval to ensure that the mortgage loan amount is not more than the value of the property. A licensed individual who is trained to render his expert opinion concerning property values usually performs the appraisal.
We deal with many lenders who are willing to lend significant amounts of money against a property. These lenders require some assurance or security for the loan they provide. When getting an appraisal from Canadalend, it is the actual lender who assigns an appraisal company. The appraisers that come to your property are not associated with Canadalend but rather with the lending company involved. Canadalend works with all major banks and mortgaging institutions, as well as unlimited private funds. At Canadalend, we do everything in our power to ensure that they are providing clientele with optimal financial solutions.
Why Get an Appraisal?
If you make an offer on a property, a lender requires a professional appraisal to be done on the home. The lender wants to make sure the property is worth the money they are loaning. An independent appraisal is also a good opportunity for a buyer to verify that they are paying a reasonable amount for the property.
The lender will also require an appraisal on the property if you want to refinance your home. The lender wants to ensure that the collateral value offered by the property justifies the refinancing loan amount you are requesting.
An appraisal may also be done if it has been several years since the property’s last appraisal and you are trying to get a home equity loan. This can be to the advantage of the borrower, especially if property values in your area have increased. The equity in your home against which you borrow is determined on the current value of the property.
Who Pays for the Home Appraisal?
Although the lender requests most appraisals, the borrower generally pays for the appraisal. Of course, the lender does not want to lend money on a poor investment, but the borrower does not want to purchase a poor investment. Appraisal fees can vary depending on the value of the property and how difficult it is to assess this value.
Although getting an appraisal from Canadalend is done at the request of a lender, it protects the buyer too. Canadalend is committed to top quality, personalized service that is professional, ethical and knowledgeable. Canadalend provides customers with solutions that enable financial freedom, peace of mind, and 100 percent satisfaction.