I received a phone call the other day from a past client.

She owns her primary house and rental property as well.

She wants to refinance both properties and leverage the appreciation for other things.

If possible, another cash flowing investment property in Hamilton.

She reached out to the same lender I connected her with years ago.

She said, “I trust him and his advice and I would never take my business elsewhere”.

What a great compliment that is. I made sure he knew how she felt.

With what’s happening with the market at the moment, the bank ordered an appraisal on both properties, which she had to pay for.

Not like a year ago when banks waved that fee and only did a desk or drive-by appraisal which is not a full appraisal like they “need” now. Things have changed for everyone involved in the transaction.

So she gets the appraisal back and her property has appreciated very well,since she purchased it years ago..

She questioned the value she was given because of what she knew her neighbours had sold for months back.

So I did some research and pulled up the recent properties sold in her neighbourhood.

I shared with her the most recent sales and I compared them to her property.

To gain a better perspective on prices I even compared properties that sold 8-12 months ago as well.

We discussed how banks look at refinancing and how the current market is now, which has banks being a bit more restrictive than before.

Banks know the value of real estate and will always lend against it, to a maximum of 80% loan to value.

I was happy to be able to give my client the facts that she needed to understand her situation.

I always say, “You don’t know what you don’t know”, so It never hurts to ask.

I am always here to help answer any questions, share information or connect you with my large network of professionals.

It all starts with a simple conversation.

Chat with me anytime by calling me at 647.801.4425 or email me at Kevin@CRESI.ca.

You can also visit and learn more about the C.R.E.S.I. Group of Companies by visiting www.CRESI.ca.
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