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Hello Everyone!
I just recently had to refinance my home and alot of my clients will have either gone through the process before or are just about to for the first time so I thought I would list out some appraisal and refinance tips for you.
****REMEMBER I KNOW GREAT PROFESSIONALS THAT COULD HELP YOU GET THE BEST RATES PLEASE ASK AND I WOULD BE HAPPY TO HELP YOU ENSURE THE BEST FOR YOUR FUTURE!****
TIP #1: There are all sorts of financing options and if you want to refinance partway through your term whether you are buying a different house or just taking out equity for some improvements keep in mind anything before the term is due may incur a penalty so factor that in.
TIP #2: Rate can make a big difference in payments and mortgage balance so if you are locked in at a higher rate you may be able to get a blended rate that is more favorable.
TIP #3: Penalties may not be as large if you refinance with the same lender
TIP #4: When an appraisal is being done be prepared, they will want to know age of the major items ~ furnace, air, roof, windows and doors, interior finish etc~ so have a list of those items for them to take back to the office with them.
TIP #5: They will want pictures for their report so as clean and tidy as you can make it always leaves a better impression.
TIP #6: FINALLY FINISH your honey do list, all those things that are minor things do them before so that they wont stack up against you.
TIP #7: You know some of the benefits of your area better than the person coming over so casually talk about the benefits of the area ~proximity to shopping, quiet neighbourhood, etc~
TIP #8: Any planned immediate renovations make known so they may factor them in.
TIP #9: Don't take too much of their time as they are bound to notice more minor negatives if you keep them there talking for a long time.
TIP #10: Be friendly and polite they are there to do a job and a smile goes a long way, as well letting them know where you thought it may be could be beneficial.
TIP #11: With regard to mortgages be sure to find out all fees up front ask about CMHC, APPLICATION FEES, APPRAISAL FEES, LAWYER FEES
TIP #12: Start your research early, and some lenders may give you a better discount if you apply 6 months ahead of your term due date so that they can guarantee your refinancing with them.
Appraisals on a typical home should only take about 1/2 hour or so and the results should come back in a couple of days on the long side or a couple hours in slower markets. Rest assured these people are professionals and know how to do their job so try not to stress about the outcome.
If you have any questions please feel free to contact me at
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anytime as I love to help and don't mind clarifying at all!
Brandon
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