Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - House Appraisal before mortgage gets insured

Ironhorse · 06-19-2006, 09:52 AM

I think it also depends on how much $$ down you're putting into the new place. They may not care nearly as much if you're putting 20% down vs. 5%.

They're just making sure that you're not taking out a 400K mortgage on a 250K property. It's to protect them if something should happen and they end up with a mortage that cannot be recovered by selling the property. Sometimes people can overpay....

This inspection is fairly common. I think you should be fine.

06-19-2006, 09:52 AM	#2
Ironhorse Franchise Player Join Date: Aug 2004 Location: Calgary Exp:	I think it also depends on how much $$ down you're putting into the new place. They may not care nearly as much if you're putting 20% down vs. 5%. They're just making sure that you're not taking out a 400K mortgage on a 250K property. It's to protect them if something should happen and they end up with a mortage that cannot be recovered by selling the property. Sometimes people can overpay.... This inspection is fairly common. I think you should be fine. Last edited by Ironhorse; 06-19-2006 at 09:56 AM.