It’s important to understand why banks and lenders need to undertake a valuation when you’re purchasing a property. Often times a bank valuation is required to make sure the home loan you’re applying for is not of a greater value than the value of the property you’re planning to buy.
For the same reasons, a bank valuation is also needed if you’re planning to refinance your existing home loan.
A bank valuation is used to determine how much a person can responsibly borrow and if one is needed, a mortgage broker can usually order it on your behalf. It’s important to make sure the bank valuation has been completed as soon as possible because it can play a role in the approval of your home loan application.
The good news is that when you work with a mortgage broker the process can be quick and run smoothly because they know exactly what to do. Martin Beanland is a Loan Market mortgage broker and a partner of Ray White Windsor.
If you need help with your bank valuation, or just need some more information, please call Martin today.
The information provided above is general information only and is not to be interpreted as advice.
The notion of a family friendly suburb is inherently subjective, encompassing a wide array of factors that can vary in importance from one family to another. Traditionally, these factors have included safety, the prevalence of parks and schools, access to family-oriented amenities, community events, proximity to healthcare facilities, low crime … Read more
Managing your rental property efficiently is not just a handy time-saver, it can also maximise investment returns. Here are six tips to make things easier. Time is money, as the old saying goes, and when it comes to investment properties, astute investors will want to make sure none of their … Read more