Getting your home appraised is important if you want to qualify for the right mortgage. The appraisal process will assess your property’s current market value. Most mortgage lenders will require you to work with an appraiser to determine the value of your home in Toronto. They want to make sure that your property is worth the amount that you want to borrow from them.
Most Canadian banks require appraisals for mortgage loans because they need to protect themselves from a bad deal. Let’s face it—if you offered $680,000 for your dream home but that property is really only worth $640,000, the bank may lose a lot of money should you default on your mortgage payments. Banks require appraisals to protect the money that they lend you.
That said, there are many other different reasons to get an appraisal. You may also want to start looking for appraisal firms and sign up for their services if:
- You want to refinance your home.
The services of an appraiser will be helpful in determining the actual value of your property if you are interested in refinancing.
- You plan to sell your property.
Moving out? Appraisal firms can value your property if you are selling your property and you want to make sure that you are listing it at an appropriate price against other homes in Toronto.
- You are filing for bankruptcy.
A home appraiser will determine the value of your property if you are declaring bankruptcy and you intend to remove your second mortgage when the property value is lesser than your total debt.
No matter your circumstances, an appraisal company should be able to help you determine the true value of your home. Be sure to hire an appraiser from trustworthy and reputable appraisal firms in Toronto, preferably those with a proven track record of delivering reliable services.