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Sarah Colucci's Mortgage Blog

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Mortgage News 2022

Do you always require an appraisal when refinancing?

5/18/2020

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Borrowers often wonder why lenders require an appraisal when they are refinancing or if there is a way to skip the appraisal altogether.

An appraisal is a property valuation that considers similar properties that have sold in the last sixty to one hundred and twenty days. Depending on the final appraised value, a refinance application will either get approved or declined. This is because to refinance a property, besides meeting income requirements, a mortgage loan must also not exceed 80 percent of the property’s value. Therefore, ‘appraised value’ is critical in the re-mortgaging process.

Fortunately, some lenders do not require appraisals should an AVM support the property’s value. AVM stands for the ‘Automated Valuation Model.’

AVM is a computer program that can provide market analysis, and property value estimates. If the AVM can support a property’s value, lenders will not require a physical appraisal.

Appraisals can cost anywhere from $250 to $600 to complete, whereas an AVM is usually $99 and gets subtracted from the net mortgage advance amount.

Find out if your property can qualify using an AVM today!

Sarah A. Colucci
Mortgage Agent
Mortgage Edge, Broker 10680
Direct: (647) 773-4849

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    Senior Mortgage Agent, Lic. M14000929

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
​
Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?