In the situation that an appraisal is needed and the cost is your responsibility, an appraisal company contact you directly to collect the payment prior to completing the appraisal.
The appraisal needs to be dated within the last 60 days.
The appraisal needs to be from an appraiser on the lender's approved appraisers list.
Appraisal companies can only accept credit cards.
Appraisals typically cost between $300-$400.
For the price, a lender can only use the lower of the purchase price on the purchase agreement or the appraised value.
Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.