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Home » Services » Home & Mortgage Appraisals


HOME & MORTGAGE APPRAISALS


TRUSTWORTHY HOME APPRAISALS

In the case of a mortgage appraisal, Appraisal Hub Inc. has the unique ability
to protect the interests of the buyer, the seller, and the lender with an
unbiased, accurate property appraisal.

Mortgage appraisals are the most common type of appraisals, as thousands of
properties are bought and sold each month in Ontario alone. With thousands of
appraisal reports completed yearly, Appraisal Hub Inc. is proud to be a company
that lenders and individuals in Ontario rely upon for accurate home estimates.

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WHAT IS A MORTGAGE APPRAISAL?

Let’s say you’re buying a property. You make an offer, and the seller accepts.
In most cases, you’ll have to finance the purchase by applying for, and
receiving, a mortgage loan from the bank. A key consideration here is that every
party knows the accurate value of the property:

The Bank

Mortgage lenders want to know that the loan it’s approving isn’t more than the
property is worth. If the bank knows the market value of the property, it can
better use the property as collateral should you be unable to pay your mortgage.

The Buyer

You benefit from a certified appraisal because it’s in your best interest to
know how much the property you’re buying is worth. If your offer is accepted,
and you find out you’re overpaying, you need to know in time to renegotiate the
price of the property.

The Seller

Often, a seller will have an appraisal done before they list their property on
the market in order to know where to set the starting price. If this hasn’t
happened before an offer is accepted, the certified appraisal will be helpful to
the seller as well.


WHY MORTGAGE APPRAISALS?

In the case of a real estate transaction, the vast majority of mortgage lenders
will insist on an inspection. Many lenders have appraisal companies (like
Appraisal Hub Inc.) that they use primarily when they order appraisals, simply
due to the desire to work with a trustworthy partner on issues that concern
their financial wellness.

Basically, if a loan is worth more than the market value of the home, the bank
may not be able to recover their investment in the event that the buyer defaults
on the mortgage. In some cases, the buyer may have to set up the appraisal
themselves, and depending on the lender, the costs may be covered by the buyer
as well.


THE APPRAISAL PROCESS

A member of our appraisal team will walk through the property, taking note of
anything that may raise or lower the value in our final report. For example,
this may include the condition of the structure, the age of the roof, the
condition of the HVAC system, and more.

Next, we will determine which of the three approaches to value (Direct
Comparison Approach, Cost Approach, and the Income Approach) is the most
relevant for that property type. For example, let’s say the property being
appraised is a residential three-bedroom home. We’d look at other similar homes
with three bedrooms, and use their sale prices and characteristics to determine
the value of the property. When we generate an evaluation for a mortgage loan,
we’ll complete an appraisal report that reflects the accurate market value of
the property in question in order for the lender to set a loan amount.


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