Kevin Slemko AACI appraiser on Canada mortgages
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Mortgages in Canada: A range of options

It's best to understand your options before you shop If you've been thinking about buying a home in Canada, you've probably also been thinking about mortgages. If you've ever spoken to anyone at your bank or other financial institution about mortgages, you probably know there are a sometimes-bewildering number of options. But what do they all mean? Here, we break down your choices, and provide a high-level outline of the differences. Conventional mortgages This is probably what most people think…...
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FAQs for appraisals for real estate
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Appraisals 101

What you should know about the appraisal process We know that whether you're a buyer or a seller, the appraisal process - especially for residential or agricultural properties - can be nerve-wracking. Here are answers to some of the questions we get asked most often. Why do I need an appraisal? Contrary to popular belief, appraisals aren't conducted because the bank (or anyone else involved in the transaction) is suspicious or looking for problems. It's simply a way for a…...
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myths about appraisals
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The big appraisal myths, debunked

This infographic (below) from The Appraisal Institute has been around for a couple of years now, but I came across it again recently and I think it's still worth a look, especially if you're new to the appraisal process. (NOTE: The infographic refers to federal legislation in the US, and some of those laws may not be applicable in Canada, or in the Canadian province in which you live. If you're in any doubt about what information applies to you,…...
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What appraisers bring to the table
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What is the role of the appraiser in home valuations?

Where data, experience and insight meet In previous posts, we've talked about how appraisers use data and comparable sales in order to arrive at a valuation for properties. For residential properties, comparable sales tend to offer a good starting point: If four similar properties on the street have sold in the past few months, they provide a good indication of what your home is worth. But sometimes, you'll see two homes in the same neighbourhood that seem, on the surface,…...
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Kevin Slemko, AACI on mortgage terms

Mortgage term lengths: Do you know your choices?

Appraisers aren't real estate salespeople or mortgage brokers, and definitely shouldn't be offering advice or counsel to the people whose properties they're appraising. However, as we've discussed before, because of our particular role in the process, and because they often end up meeting home buyers and sellers during their inspections, it's not surprising that we're often asked questions about home mortgages. A recent study showed that as much as 50% of Canadians don't really understand mortgage terminology, and aren't able…...
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