Many Canadians are refinancing their mortgage to lower monthly payments or manage high-interest debt. With interest rates still elevated and the cost of living rising, pushing out amortization can help ease the financial pressure, but you shouldn’t order your own appraisal before refinancing, here’s why.

Keep reading or watch my video for more details:

Why the Appraisal Matters in a Refinance

To approve a refinance, lenders need to know your home’s current value. That’s where the appraisal comes in—but not all appraisals are created equal. Lenders typically want the appraisal ordered through specific third-party channels or from appraisers on their approved list.

What Happens If You Order the Appraisal Yourself

If you order the appraisal before speaking to a broker or lender, you may run into problems. The appraiser might not be accepted by your lender, or the lender may require a new appraisal anyway. Even transferring an existing appraisal between lenders requires a letter of transmittal, which can be time-consuming and costly—and still might not be accepted.

The Bottom Line

If you’re refinancing your mortgage in Canada, always speak to a mortgage broker first. It’ll save you time, money, and a potential headache. Still have questions? Give me a call. I’m happy to walk you through it.

Whether you are preparing to buy your first home or thinking about making a move, if you’re looking to get pre-approved for a mortgage in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’m trusted partner who will help you get the right mortgage for your home or investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.