Getapprovedby_Dan

Is your mortgage maturing soon and you need to renew it? Let's talk before your renew with your current lender! It could save you thousands‼️

Contact me for all you mortgage needs 📲

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💰 For all your mortgage needs
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📊 Refinance
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A common misconception regarding appraisals is that it is required 100% of the time when a borrower is purchasing a property 🤔

For the majority of instances when a client is putting a down payment of less than 20% (insured, high-ratio), an appraisal would NOT be required by the lender or insurance company.

The few instances in which it may be required would be if the property was bought via private sale (not listed on the MLS) or if the property has any potential red flags that are noted on the MLS 🏡

When the file is uninsured/conventional, the lender may try to perform an Automated Property Valuation (APV) internally first if they offer that service. If not, a full appraisal would usually be requested by the lender to confirm the property details and value.

The more you know! 💡 Have a wonderful weekend all 🙂

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💰 For all your mortgage needs
✅ Pre-Approvals
📊 Refinance
🏠 New Mortgages
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💵 Investments
🏦 RRSP, RESP, RDSP, TFSA and more
👨‍👩‍👧‍👦 Life Insurance
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📉 Debt Elimination
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✨Borrower Covenants✨

Mortgage lenders have an interest in the property a home buyer is purchasing or refinancing. They want to ensure it is a sound investment in the event a home owner can’t pay back the mortgage in full. Borrower covenants are set so the lender can take action if the home owner is reckless with the status of their home.

The four financial obligations of borrowers are to:

Repay the loan amount;
Pay the property taxes;
Pay the property insurance; and
Maintain the property.

Follow for more helpful tips and insights to all your mortgage needs🔥

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💰 For all your mortgage needs
✅ Pre-Approvals
📊 Refinance
🏠 New Mortgages
••••••••••••••••••••••••••••••••••••••••••

✨ What is a conventional mortgage? ✨

A conventional mortgage is usually one where the down payment is equal to 20% or more of the purchase price, with a Loan-to-Value (LTV) of 80% or less. It typically does not require mortgage default insurance, and so the borrower does not have to pay these insurance premiums. Mortgage interest rates may be slightly higher, however, for lenders to offset the lack of default insurance.

Contact me today for all your mortgage needs 📲

••••••••••••••••••••••••••••••••••••••••••
💰 For all your mortgage needs
✅ Pre-Approvals
📊 Refinance
🏠 New Mortgages
••••••••••••••••••••••••••••••••••••••••••