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What you need to know about bank valuations

By Cindy Cash

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.

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