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Mariam Olafuyi
Mariam Olafuyi
16:15 17 Nov 21

Scott was absolutely fantastic in helping us arrange for our mortgage. The processes were clear and well explained and he took his time to understand us and our needs. He walked with us every step of the way and took extra efforts to ensure that all the required documentation were well presented to the bank. This was an entirely stress free process and in the future we will definitely use Scott’s services!read more

Nick Berube
Nick Berube
01:21 05 Nov 21

Steve was incredibly helpful…again! We’ve gone to Steve 3 times in the last 10 years (new and renewal) and he has delivered the best product on the market each and every time. He has a wealth of experience, knows the industry very well, and was always quick to answer my calls or emails. Definitely recommend reaching out to Steve for your next mortgage!read more

Tyler Flockhart
Tyler Flockhart
10:00 03 Nov 21

We have used Steve for 2 mortgages and a re-financing so far and it is always a pleasure working with him. He is easy to get a hold of, super knowledgeable, reassuring and kind. His focus is always to provide the best option for his clients. Highly recommended! Thanks again for all your help Steve!read more

Asad Durrani
Asad Durrani
16:06 02 Nov 21

Incredibly helpful, responsive, an knowledgable for first time homebuyers/mortgage seekers. 10/10 would recommend!read more

Mirela Antonescu
Mirela Antonescu
15:56 26 Oct 21

I worked with James and Mayra for my mortgage re-financing and I was impressed with the attention to details and responsiveness! They are also very nice making you comfortable with the otherwise stressful process. The product I got was better than expected. I highly recommend them!read more

Anjali Chawla
Anjali Chawla
13:26 26 Oct 21

James and his team were incredible to work with. They were extremely professional and knowledgeable, and guided us through all the steps of getting our first mortgage. James is a true expert in his field and I highly recommend him. Be assured that he will go above and beyond for your needs and do so in a professional, timely and calm manner.read more

Konstantin Borschiov
Konstantin Borschiov
22:58 21 Oct 21

Second time getting a mortgage with Steve, worked out great.read more

Ramin Mafi
Ramin Mafi
05:07 21 Oct 21

Few years back, we started looking for a good mortgage rate. Being first time home buyers plus rather short closing date added to our stress, but we were lucky to work with James at Mortgages.ca. James was confident and was able to offer us a good deal in a couple of days. Zayna, who helped us with the application process was super nice and responsive and made this process as smooth as possible. We recently sold that property and purchased a new house. James and Zayna were fantastic as before and we repeated our positive experience again.read more

Elaine De Marzo-Robins
Elaine De Marzo-Robins
15:24 12 Oct 21

Update 12-Oct-21: Once again I leveraged the expertise of James Harrison and his team at Mortgage Architects (mortgages.ca) for my latest real estate transaction and everything went super smoothly! They simplify the entire process, which, as we know, can get super complex. I am comforted knowing that I have the best team to support me through the deal. They are superstars in their field and best of all they are very responsive so you are apprised of the status at all times. I have high standards and they always exceed them. Thanks again James, Zayna and mortgages.ca team for another great experience!James Harrison and his team at Mortgage Architects (mortgages.ca) embodies the modern brokerage firm you need to help you with the biggest transaction of your life. Their speed, responsiveness, professionalism, accuracy and customer-centricity strengthen their unique value proposition against other competitors. From my first interaction with James, to the closing process with Zayna, I can confidently say that their team is the very best. Thank you for a great experience, you’ve earned a client for life!read more

William Soraine
William Soraine
20:32 28 Sep 21

James and Zayna were great to work with. Engaged their services twice, within a span of 3 years – which in itself is a testament of their quality of service. Professional, very quick to respond and follow up (if you forget any items that are outstanding on your side). Highly recommended!read more

Danielle Prior
Danielle Prior
13:24 28 Sep 21

I worked with Steve when I got my mortgage a few years ago and then again just recently for a refinance. He is great! He is always quick to respond to any of my emails and he always takes the time to answer all my questions and really explain the process. He definitely goes above and beyond! I highly recommend Steve! 🙂read more

Stephanie Radcliffe
Stephanie Radcliffe
13:21 28 Sep 21

Steve is fantastic. He went above and beyond, answering all of our questions and securing us a great rate. We went with a big bank for our first mortgage but I will always go with a broker from now on.read more

Chaitanya Mukkamala
Chaitanya Mukkamala
14:18 23 Sep 21

As a first time home buyer and a newcomer to Canada, Scott Nazareth was very patient and helpful in explaining the process and hand holding us on every step of the process. He was very quick in responding to our queries and would give us a detailed explanation whenever we needed help. Thanks for making the process easy for us, Scott. We will definitely come back to Mortgages.ca and Scott for any future mortgage needs.read more

Alan B
Alan B
00:41 15 Sep 21

This was my second time working with James. Each time has been fast and seamless. Quick responses to all my questions. Very professional Clear explanations of everything going during the buy / sale. I would recommend James to everyone!read more

Michael Mooney
Michael Mooney
23:46 14 Sep 21

Steve & Zayna were incredibly helpful and supportive through the whole process. Highly recommend!read more

Majid Rismankar
Majid Rismankar
14:17 14 Sep 21

We worked with Steve for the mortgage of our dream house. He and his team were so supportive and responsive and patiently addressed any concern that we had. The process was very smooth and he handled everything on time and as promised. I definitely recommend him for anyone looking for a smart, honest, professional and responsible mortgage broker.read more

Francine Darroch
Francine Darroch
14:29 10 Sep 21

James Harrison and his team were wonderful to work with. They made the process of selling and buying our homes smooth. They are extremely response, efficient, professional, and a pleasure to work with. We will 100% work with them in the future and wouldn’t hesitate to recommend them.read more

Paul Moscuzza (WooFerPPK)
Paul Moscuzza (WooFerPPK)
12:48 06 Sep 21

Being our first time buying a place and getting a mortgage we were fairly scared and uninformed about everything related to that. James and his team were both very professional, friendly and helpful. Any questions and uncertainty we had we were comforted knowing that James would answer with a detailed response explaining whatever our questions were.James also worked hard to make sure he could secure us a great rate. He communicated all of the available options and helped us go through that process. If your looking for a mortgage specialist I highly recommend James and his team!read more

Christine Crawford
Christine Crawford
18:11 05 Sep 21

Steve Harrison and his team are always a pleasure to work with. We have worked with them many times! Professional, hard working (literally around the clock), treats his clients like family, and fun to work with!Highly recommended 🙂read more

Ryan Gilroy
Ryan Gilroy
16:59 03 Sep 21

James and his team were absolutely phenomenal to deal with throughout the entire process. Our situation was by no means straightforward and the amount of knowledge, patience, and professionalism they displayed really made me feel good from start to close. I can’t recommend them enough.read more

Jeff Campbell
Jeff Campbell
13:32 02 Sep 21

This is was our first going through a renewal process and a lot was on our plate and the way the economy/society was due to the pandemic, there was a lot of options to review. James and his team took the time to understand our family plans in the present and future and presented all options and guided us what he felt was best suited for our family and assured we were comfortable with the decision. The process was super easy and we highly recommend himread more

Sachin Hingoo
Sachin Hingoo
13:21 02 Sep 21

James and his team were always there to guide us through the (often complicated) mortgage process between the purchase of our new home and the sale of our previous one, every step of the way. They went above and beyond to secure us a great rate and were very helpful and communicative throughout the process. I would highly recommend their services to anyone that needs a mortgage specialist.read more

Kevin Colacci
Kevin Colacci
00:05 01 Sep 21

Steve and his team made the very overwhelming experience of buying our first house feel a lot more manageable. He listened to all of our concerns and found the best lender to meet our needs and limitations. Throughout the whole process there was no such thing as a stupid question, Steve took unfamiliar concepts and helped us make sense of them. He was available to help out whenever we needed him, which was very important in the fast-paced house hunt. Steve had our best interests in mind the whole time and found the best mortgage arrangement for us. When we have to renew our mortgage we will definitely be coming back and I would definitely recommend Steve to anyone else looking for a mortgage.read more

Steve Truong
Steve Truong
16:09 25 Aug 21

James and his team at Mortgages.ca are the real deal in many ways:- very professional through the process- knowledgeable of the process/market and able to guide you through your own circumstances, no matter how unique- extremely responsive- perhaps most importantly, they’re able to get great rates that are hard to find on your ownWould certainly recommend them to anyone looking for a mortgage.read more

David Chu
David Chu
18:25 23 Aug 21

Scott and James got us approved after we got poor service at our bank. They are experienced with self employed professionals and kept all their promises knowing we had a short closing. Thanks guys.read more

John Devaney
John Devaney
13:08 23 Aug 21

Hi James Harrison and Mayra Watrich are # 1 in my eyes . I had a bad experience with a very bad broker she lied from day one 3 weeks before closing she said i needed $30.000 more to close. I did not have. So because of her dishonesty. I would of lost my $15.000 deposit. A realtor Mike Mccarthy told me about James. Told him my story and he was very honest and professional up front. James did get me my loan before closing and a great mortgage. Thanks again James and Mayra.read more

Dan Maragno
Dan Maragno
20:35 17 Aug 21

James and his team were unbelievable and took any uncertainties right out of my hands. Very informative, exceptionally responsive and punctual. Hands down using them for my future transactions, it was a seamless experience….Thank you!!read more

Sharif Ad
Sharif Ad
21:15 13 Aug 21

Housing market is soaring like crazy and I thought I would not able to buy a house in Toronto. I reached out to Mortgage Architect after unsuccessfully dealing with various brokers. Scott Nazareth made me confident that he will buy me a house. He was incredible from beginning to end, very professional, responsive and managed to help me close on the property. He ensured that I felt at ease throughout the entire process, answered any of my questions via email and text message and always kept me updated with the progress of the approval. He also helped me to negotiate the interest rate! I am extremely glad and grateful that I reached out to Scott. I will not hesitate to recommend him to anyone.read more

Jason Murray
Jason Murray
20:15 28 Jul 21

Amazing people who work their hardest to get you the best rate possible. Great communication and always prompt when responding! Overall great experience!read more

Joshua Acheson
Joshua Acheson
14:38 28 Jul 21

My partner and I worked with James and Mayra on our mortgage and they were fantastic. Both James and Mayra are great communicators and were very responsive throughout the process. They have good instincts for when to use email and when it’s best to hop on a call to sort out ambiguity.I would absolutely want to go through a future mortgage process with them and recommend them to any friends or family.read more

Mary Plasko
Mary Plasko
13:31 24 Jul 21

Scott is the one to speak to. In my unique situation, I was concerned about a few things and Scott was able to make things happen. 5 stars to your commitment, knowledge, thoroughness and professional approach while having an understanding of the human side of things at the same time. Scott alleviated much of the stress and helped this experience be that much more pleasant. I highly recommend mortgages.ca. You will be well taken care of. Thank you Scott.read more

Dariusz
Dariusz
14:26 16 Jul 21

Working with James and his team was a amazing! James was extremely responsive to my many questions and made the whole process very easy and stress free. I didn’t know getting a mortgage could be this smooth. Do yourself a favor and call James Harrison and his team to set you up with a mortgage. After working with banks and other brokers in the past they don’t even compare to the quality of service you will receive at Mortgages.ca.read more

Andrew McGirr
Andrew McGirr
15:24 14 Jul 21

My Wife and I worked with another mortgage broker to buy our home. Steve helped us refinance recently and we cannot believe the difference.Steve helps you through the whole process and understands exactly what the client wants/needsVery professional and timely and felt to be important. If I did not know any better I would say I was his only client at the time because he gives you so much attentionDo not waste time with anyone else, this will be the best choice you ever makeI will continue to use Steve for anything mortgage relatedread more

Holly Stallan
Holly Stallan
23:45 08 Jul 21

The best in the business. Steve is professional, incredibly thoughtful and responsive in all matters, and has gone above and beyond to help me with several mortgages over the past number of years. I highly recommend him to everyone looking for a sincere customer advocate!read more

Daniel Alonzo
Daniel Alonzo
17:30 08 Jul 21

My wife and I worked with James and his team when we bought our first home in 2017. Fast forward to today (i.e. 2021), James has once again made the transition of re-financing our mortgage as easy and comfortable as the first time we’ve worked with him. From this, we would like to highlight the consistent professional service he brings to his clients. We have full confidence that he will always represent the best interest of his clients regardless of how the real estate market is going.read more

Pedro Silva
Pedro Silva
04:02 07 Jul 21

We can’t thank James and Myra enough for their help in getting us our mortgage!We had been dealing with another mortgage broker a few weeks before our home search. All required paperwork done, all numbers crunched, you’re “good to go” we were told.We finally found the place we were looking for made an offer that was accepted then waited for the “formality” of having the mortgage approved. Well by day 4 of excuses we became extremely worried. Our place had sold, closing was now just 3 weeks away and we still had not been approved, despite being assured our file was “good to go”.We reached out to James and Myra and again submitted all the required paperwork, within a few days our mortgage (with a bridge loan in the mix) was approved!We wish we had started out with them from the beginning, the stress we would have been spared.THANK YOU, THANK YOU, THANK YOU!!!read more

Nathan Kruger
Nathan Kruger
15:01 03 Jul 21

Steve did an excellent job walking us through the mortgage application and closing process. He gave us good advice, was always available to answer questions and clearly enjoys what he does. He was a pleasure to work with and we would happily recommend him to anyone looking to buy their first home.read more

Rahul Ajani
Rahul Ajani
13:27 30 Jun 21

It was a pleasure to have James and Myra help us with our mortgage. They are well-organized, they prepared our file neatly and there was no last-minute rush for any missing papers. They are responsive: whenever I wrote to them I heard back from them in a matter of a few hours. They explained the whole process to us very well. There were no hidden fees/charges. Whenever we needed anything from them they acted really fast. For example, our builder’s law firm had made a mistake in the property address, so we needed revised approval letter, which they secured the very next day. Transparent professional and responsive. I would definitely recommend them to my friends.read more

Kathleen Bellehumeur
Kathleen Bellehumeur
21:11 18 Jun 21

Had a wonderful experience working with Mortgages.ca. James and team were so incredibly helpful, professional and detail oriented. They completely set my mind at ease and got us to a great outcome! Couldn’t recommend more highly!read more

Jonathan Grottoli
Jonathan Grottoli
21:45 14 Jun 21

Steve was very insightful. He really took the time to understand our needs and helped us think outside the box. With his guidance he saved us a lot of money and set us up for future success.read more

Neil Upshall
Neil Upshall
17:41 14 Jun 21

Had a great experience with James and Mayra at Mortgages.ca. And despite being a challenging customer, they were patient and accommodating with me throughout the entire process. Would highly recommend.read more

Natalie Kasparian
Natalie Kasparian
16:48 11 Jun 21

BEST MORTGAGE BROKERS.Look no further, they are always so fast at responding to any concerns you have regarding the mortgage process and then the mortgage itself. They made the whole process so seamless and easy.During my application, I wanted to make a change to my mortgage very close to the closing date and they were very understanding and made it happen in the nick of time !! I am very grateful and I highly recommend James and Mayra for all your mortgage needs !read more

Lisa Marriott
Lisa Marriott
16:21 11 Jun 21

James Harrison from mortgages.ca is our go-to mortgage broker. When we first purchased our home 9 years ago, we hadn’t met James yet. We used another broker from a big name company and it was disastrous. We were first time home buyers and I felt so alone in the process. My emails were often ignored and I did not have the guidance one really needs as a first time buyer.My husband is a successful realtor in Toronto and James Harrison came highly recommended. My husband recommends James to all of his clients as we have trusted him with our personal mortgage financing for the last two renewals. I’ve also recommended James to personal friends and they are all so thankful.James is very professional and very knowledgeable. He always responds very promptly. He makes everything seamless and stress free. He always goes above and beyond. If you’re looking for mortgage broker, look no further!read more

Anna Shpilevskaya
Anna Shpilevskaya
14:25 11 Jun 21

Had a wonderful experience getting our mortgage with James Harrison. This is the second time we had James help us and both times we have been extremely happy. He promptly answered all our questions and took the time to explain different options available to us. Highly recommend working with him and his team!read more

Ryan Wykes
Ryan Wykes
13:38 11 Jun 21

Only person I trust with my mortgage business. AAA+ service and guidance on the right moves for me and all my clients. The entire team makes the process seamless and easy.read more

Trudy T
Trudy T
17:13 01 Jun 21

I can not say enough about Steve and his assistance during my journey in purchasing a place. He has been nothing but helpful and full of insights… plus he has a friendly but non-pushy demeanor that made all our correspondences very comfortable. I felt like I could ask him anything and he was always happy to answer my questions in depth and easy to understand. Highly highly recommend Steve!!read more

Lauren Pelley
Lauren Pelley
03:00 01 Jun 21

We’ve had a great experience working with James and the Mortgages.ca team for more than a year now, including securing a mortgage for our first home. On top of that, the team alerted us to other great opportunities, such as a program to complete our home renovations and later helped us lower our interest rate. We highly recommend the broker route for anyone buying a home!UPDATE: We worked with James’ team again to refinance. Helpful and smooth process where he provided multiple options and got us the best rate, allowing us to make the most of our home’s value without moving. When we do sell, we’ll be returning for services from Mortgages.ca!read more

Tara Wood
Tara Wood
17:01 30 May 21

James and his team are helpful, thorough, responsive and just plain lovely to work with. While confirming a mortgage in this crazy market, they moved quickly to align with offer dates and provide sound advice along the way. highly recommend!read more

Ann MacNaughton
Ann MacNaughton

15:43 16 Feb 18

Mortgages.ca and the very personableJames Harrison have always offered a quick response to any query, in-depth knowledge of mortgage options and concerns, and excellent service to the clients we have successfully referred.
Looking forward to many more!
read more

Mustard Littl
Mustard Littl

16:26 14 Feb 18

Answer to trivia question: 2.7%

Amanda Rose
Amanda Rose

23:54 04 Sep 17

Great customer service. I was able to get a competitive rate. I’d like to treat them some champagne for helping me with my 1st mortgage so well.read more

Brad Scott
Brad Scott

03:08 15 Aug 17

Outstanding service. Steve Harrison went above and beyond. He was always available and answered every phone call or text immediately. We had a few issues which Steve easily solved for us. Would highly recommend.read more

Melissa Trombetta
Melissa Trombetta

02:19 17 Feb 17

Excelente service. Steve did everything we needed to get what we needed. Very satisfiedread more

Andrew Smith
Andrew Smith

01:28 06 Jun 16

After having a very negative experience with a banks mortgage devision. Steve was exactly what we were looking for. Steve was excellent at answering our questions quickly and clearly. His professionalism gave us the confidence to make an aggressive offer which ended up being successful in the purchase of our 1st home. Thank you Steve, would recommend to any one.read more

Barry Naymark
Barry Naymark

16:45 17 May 16

We are very happy with all the customer service, hard work and dedication from James and Laurie. I was able to ask all the important questions and get all the right answers as this was our 1st time buying our 1st home! The efficient and effective work really allowed me to feel at ease that I was getting the best service, rate and lender to make my dreams a reality! I recommend them for all future buyers. Their communication was perfect in instructing me to do have everything in place with closing! I will continue to recommend them!read more

Joy Varrasso
Joy Varrasso

18:41 11 Jun 15

Once again James has exceeded our expectations with his exceptional customer service and the ability to offer knock out rates. This is our second time using him and have referred him to family and friends. Thanks again for all your help!!read more

Diana Wright
Diana Wright

13:03 04 Dec 14

As first time homebuyers, finding the perfect home in Toronto within budget was challenging and full of learning experiences. Steve took the surprises and uncertainty out of the biggest purchase (ahem…loan) of our lives. He was able to answer all of our questions and ensure we had the information we’d need to make a decision. Trust me, as someone in financial risk management, I had A LOT of questions. And of course, No one could come close to the rate he got us. Thanks for helping us own our dream house and a piece of this great city!read more

Sarah Makhomet
Sarah Makhomet

17:45 26 Nov 14

A great team of professionals!!!

Alyse Orsborn
Alyse Orsborn

20:48 28 May 14

I was referred to Steve from a colleague and I have been blown away! Just got back from seeing my lawyer who actually fist pumped me on the amazing rate we got. Aside from the low rate, as a first time home buyer, Steve spent so much time with me helping me along the way and educating me on an area I felt I didn’t know a lot about. I’m a studier and he provided all the content and clarity I needed. He was only a phone call away and always stopped to take the time Trust is everything and I feel so lucky to have had Steve during this whole process. Thank you Steve!!read more

Paul Francis
Paul Francis

16:31 29 Mar 14

Nothing but professionals here, looking forward to our next dealread more

Nicolas Wen Shea
Nicolas Wen Shea

13:44 25 Mar 14

Incredible customer service from Steve. Always picks up and prompt for meetings. Found the best rates possible and always took the time to explain the pros and cons of each alternative. My go to guy for anything mortgages related!read more

Lee Dipps
Lee Dipps

22:18 17 Mar 14

I’m so lucky I got in touch with Steve Harrison from Mortgages dot ca before signing anything with my bank or the broker my agent referred me to. Steve’s ability and willingness to answer all of my questions as they came up day after day, was amazing. He was a great help throughout the process and even found me a significantly better rate than my bank or my realtor’s broker. I want to encourage anyone who is in the market to contact Steve Harrison.read more

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Recent Posts

blog, Mortgage Education

What Is Your Home Worth?

Everything You Need To Know About Home Appraisals

what-is-your-home-worth

By Scott Nazareth
Mortgages.ca

 

Getting an appraisal is a key part of the process of getting a mortgage. It’s one you should understand when you make an offer on a home, as the appraisal process can move quickly after you make a winning bid.

What is an appraisal?

Appraisals assess the current market value of a property.

Mortgage lenders sometimes require a formal appraisal to determine a home’s value for mortgage purposes — regardless of the price that has been paid for the property. They want to be sure a house is actually worth what they’re lending its purchaser.

This part of the buying process happens after your offer to purchase has been accepted, and before the mortgage has been finalized.

 

Who conducts an appraisal?

A licensed appraiser will determine the value of the home.

In Canada, there are two bodies that license and educate appraisers. They are the Canadian National Association of Real Estate Appraisers, Cheapwriting.org and the Appraisal Institute of Canada. Members of both associations are recognized by banks, credit unions, mortgage lenders, and mortgage insurers.

Lenders require that appraisals are done by companies on an approved list. A licensed mortgage broker ideally has knowledge of specific appraisers on the lender’s approved list and will be sure to choose one that is local, which ensures they’re up-to-date on neighbourhood factors that may affect a home’s value.

 

Who pays for an appraisal?

Usually, the purchaser pays the $300-$500 cost of an appraisal.

 

What is included in an appraisal?

1. Value

An appraiser will study the exterior and interior of your property, as well as the land surrounding it. They will also consider the value of secondary structures located on the land.

There are three main ways to calculate the value of a property: the direct comparison approach, the cost approach, and the income approach.

 

The direct comparison approach looks at comparable properties that have been sold in the recent past. Making adjustments by looking at the details of each property, the appraiser assigns a value that the property would reasonably earn on the open market.

The cost approach is a less common way of determining value for residential homes. It’s used when relevant comparable sales data does not exist. This method takes into account the value of the land, plus how much it would cost now to construct a similar home.

The income approach is used for multi-unit properties, where the income related to the property is a key determinant of its value.

 

It doesn’t matter which method your appraiser uses. What matters is the final number, because that affects how much a lender will agree to give you.

 

2. Rental income

When you purchase a rental property, you’ll have to declare what rent you’re going to charge. That can be substantiated by providing a rental agreement with someone who already lives there, or someone who will live there when you move in.

If there’s no rental agreement in place at the time of your purchase, an appraisal will calculate the rental potential by looking at similar properties in the immediate vicinity.

 

3. Photos

An appraisal will include photos of both the exterior and interior of a home, including the attic, piping, and insulation. However, it’s important to note that an appraisal is not the same as a home inspection. They may report on similar things, but an appraisal should never replace an inspection.

appraisals-do-not-replace-home-inspections

When is an appraisal required?

An appraisal is typically not needed when borrowers put less than 20 per cent down because the lender can take comfort from the fact that the loan is covered by insurance. But in some cases — when the value or the condition of a property is in question — the insurer can request an appraisal.

Most borrowers who put more than 20 per cent down are not covered by mortgage insurance, so an appraisal is required. When the property is not insured, there is no guaranteed value in it and the lender needs some other form of assurance that the loan will be repaid. An appraisal is part of that.

But there are two ways to avoid an appraisal.

One way is to use the automated valuation model. There must be enough relevant data for this model, which looks at a database of comparable sales and determine if your property’s price is within an acceptable range.

The other way is when the loan is a small percentage of the total purchase price. If you’ve put 50 per cent down, your lender may waive the right of appraisal.

 

What happens if something goes wrong with an appraisal?

Certain factors in a property’s construction can reduce the appraiser’s calculation of its value. For example, vermiculite insulation, Kitec plumbing, UFFI insulation, and knob-and-tube wiring can all bring your appraised value down.  This can make the property un-financeable for some lenders or may require it to be dealt with prior to closing or with purchase-plus or a hold back.

If an appraisal value is less than the purchase price, the purchaser must make up the difference.

For example, if you paid $749,000 for a home but an appraiser values it at $729,000, the bank will approve a loan based on the lower number. So you’ll have to come up with an extra $20,000 to make up the difference. If you can’t, you may no longer qualify to purchase the property.

Such a situation can be challenging on the short timeline of a home purchase, so it’s a good idea to have a contingency plan. It’s possible that you’ll learn that your home has a problem in the appraisal stage, and it’s never fun to be surprised at that point.

If you’re currently having challenges with an appraisal, contact us to find out how we can help.

Is it worth it to get a second opinion?

Yes. If you’re in doubt, it’s worth the peace of mind that comes with knowing your property was fairly and accurately assessed.

That’s especially true if your first appraisal comes in lower than expected. After a second opinion, the bank may choose one or the other of the reports, or they may take an average of the two. Either way, it’s worth knowing that your property was fairly assessed.

Does an appraisal affect my taxes?

No. It’s not the same as a tax assessment, and your home’s appraisal is not shared with tax assessors.

 

Do you have questions about appraisals or the mortgage process? Book a call to discuss how we can help with your mortgage needs.

Mariam Olafuyi
Mariam Olafuyi
16:15 17 Nov 21

Scott was absolutely fantastic in helping us arrange for our mortgage. The processes were clear and well explained and he took his time to understand us and our needs. He walked with us every step of the way and took extra efforts to ensure that all the required documentation were well presented to the bank. This was an entirely stress free process and in the future we will definitely use Scott’s services!read more

Nick Berube
Nick Berube
01:21 05 Nov 21

Steve was incredibly helpful…again! We’ve gone to Steve 3 times in the last 10 years (new and renewal) and he has delivered the best product on the market each and every time. He has a wealth of experience, knows the industry very well, and was always quick to answer my calls or emails. Definitely recommend reaching out to Steve for your next mortgage!read more

Tyler Flockhart
Tyler Flockhart
10:00 03 Nov 21

We have used Steve for 2 mortgages and a re-financing so far and it is always a pleasure working with him. He is easy to get a hold of, super knowledgeable, reassuring and kind. His focus is always to provide the best option for his clients. Highly recommended! Thanks again for all your help Steve!read more

Asad Durrani
Asad Durrani
16:06 02 Nov 21

Incredibly helpful, responsive, an knowledgable for first time homebuyers/mortgage seekers. 10/10 would recommend!read more

Mirela Antonescu
Mirela Antonescu
15:56 26 Oct 21

I worked with James and Mayra for my mortgage re-financing and I was impressed with the attention to details and responsiveness! They are also very nice making you comfortable with the otherwise stressful process. The product I got was better than expected. I highly recommend them!read more

Anjali Chawla
Anjali Chawla
13:26 26 Oct 21

James and his team were incredible to work with. They were extremely professional and knowledgeable, and guided us through all the steps of getting our first mortgage. James is a true expert in his field and I highly recommend him. Be assured that he will go above and beyond for your needs and do so in a professional, timely and calm manner.read more

Konstantin Borschiov
Konstantin Borschiov
22:58 21 Oct 21

Second time getting a mortgage with Steve, worked out great.read more

Ramin Mafi
Ramin Mafi
05:07 21 Oct 21

Few years back, we started looking for a good mortgage rate. Being first time home buyers plus rather short closing date added to our stress, but we were lucky to work with James at Mortgages.ca. James was confident and was able to offer us a good deal in a couple of days. Zayna, who helped us with the application process was super nice and responsive and made this process as smooth as possible. We recently sold that property and purchased a new house. James and Zayna were fantastic as before and we repeated our positive experience again.read more

Elaine De Marzo-Robins
Elaine De Marzo-Robins
15:24 12 Oct 21

Update 12-Oct-21: Once again I leveraged the expertise of James Harrison and his team at Mortgage Architects (mortgages.ca) for my latest real estate transaction and everything went super smoothly! They simplify the entire process, which, as we know, can get super complex. I am comforted knowing that I have the best team to support me through the deal. They are superstars in their field and best of all they are very responsive so you are apprised of the status at all times. I have high standards and they always exceed them. Thanks again James, Zayna and mortgages.ca team for another great experience!James Harrison and his team at Mortgage Architects (mortgages.ca) embodies the modern brokerage firm you need to help you with the biggest transaction of your life. Their speed, responsiveness, professionalism, accuracy and customer-centricity strengthen their unique value proposition against other competitors. From my first interaction with James, to the closing process with Zayna, I can confidently say that their team is the very best. Thank you for a great experience, you’ve earned a client for life!read more

William Soraine
William Soraine
20:32 28 Sep 21

James and Zayna were great to work with. Engaged their services twice, within a span of 3 years – which in itself is a testament of their quality of service. Professional, very quick to respond and follow up (if you forget any items that are outstanding on your side). Highly recommended!read more

Danielle Prior
Danielle Prior
13:24 28 Sep 21

I worked with Steve when I got my mortgage a few years ago and then again just recently for a refinance. He is great! He is always quick to respond to any of my emails and he always takes the time to answer all my questions and really explain the process. He definitely goes above and beyond! I highly recommend Steve! 🙂read more

Stephanie Radcliffe
Stephanie Radcliffe
13:21 28 Sep 21

Steve is fantastic. He went above and beyond, answering all of our questions and securing us a great rate. We went with a big bank for our first mortgage but I will always go with a broker from now on.read more

Chaitanya Mukkamala
Chaitanya Mukkamala
14:18 23 Sep 21

As a first time home buyer and a newcomer to Canada, Scott Nazareth was very patient and helpful in explaining the process and hand holding us on every step of the process. He was very quick in responding to our queries and would give us a detailed explanation whenever we needed help. Thanks for making the process easy for us, Scott. We will definitely come back to Mortgages.ca and Scott for any future mortgage needs.read more

Alan B
Alan B
00:41 15 Sep 21

This was my second time working with James. Each time has been fast and seamless. Quick responses to all my questions. Very professional Clear explanations of everything going during the buy / sale. I would recommend James to everyone!read more

Michael Mooney
Michael Mooney
23:46 14 Sep 21

Steve & Zayna were incredibly helpful and supportive through the whole process. Highly recommend!read more

Majid Rismankar
Majid Rismankar
14:17 14 Sep 21

We worked with Steve for the mortgage of our dream house. He and his team were so supportive and responsive and patiently addressed any concern that we had. The process was very smooth and he handled everything on time and as promised. I definitely recommend him for anyone looking for a smart, honest, professional and responsible mortgage broker.read more

Francine Darroch
Francine Darroch
14:29 10 Sep 21

James Harrison and his team were wonderful to work with. They made the process of selling and buying our homes smooth. They are extremely response, efficient, professional, and a pleasure to work with. We will 100% work with them in the future and wouldn’t hesitate to recommend them.read more

Paul Moscuzza (WooFerPPK)
Paul Moscuzza (WooFerPPK)
12:48 06 Sep 21

Being our first time buying a place and getting a mortgage we were fairly scared and uninformed about everything related to that. James and his team were both very professional, friendly and helpful. Any questions and uncertainty we had we were comforted knowing that James would answer with a detailed response explaining whatever our questions were.James also worked hard to make sure he could secure us a great rate. He communicated all of the available options and helped us go through that process. If your looking for a mortgage specialist I highly recommend James and his team!read more

Christine Crawford
Christine Crawford
18:11 05 Sep 21

Steve Harrison and his team are always a pleasure to work with. We have worked with them many times! Professional, hard working (literally around the clock), treats his clients like family, and fun to work with!Highly recommended 🙂read more

Ryan Gilroy
Ryan Gilroy
16:59 03 Sep 21

James and his team were absolutely phenomenal to deal with throughout the entire process. Our situation was by no means straightforward and the amount of knowledge, patience, and professionalism they displayed really made me feel good from start to close. I can’t recommend them enough.read more

Jeff Campbell
Jeff Campbell
13:32 02 Sep 21

This is was our first going through a renewal process and a lot was on our plate and the way the economy/society was due to the pandemic, there was a lot of options to review. James and his team took the time to understand our family plans in the present and future and presented all options and guided us what he felt was best suited for our family and assured we were comfortable with the decision. The process was super easy and we highly recommend himread more

Sachin Hingoo
Sachin Hingoo
13:21 02 Sep 21

James and his team were always there to guide us through the (often complicated) mortgage process between the purchase of our new home and the sale of our previous one, every step of the way. They went above and beyond to secure us a great rate and were very helpful and communicative throughout the process. I would highly recommend their services to anyone that needs a mortgage specialist.read more

Kevin Colacci
Kevin Colacci
00:05 01 Sep 21

Steve and his team made the very overwhelming experience of buying our first house feel a lot more manageable. He listened to all of our concerns and found the best lender to meet our needs and limitations. Throughout the whole process there was no such thing as a stupid question, Steve took unfamiliar concepts and helped us make sense of them. He was available to help out whenever we needed him, which was very important in the fast-paced house hunt. Steve had our best interests in mind the whole time and found the best mortgage arrangement for us. When we have to renew our mortgage we will definitely be coming back and I would definitely recommend Steve to anyone else looking for a mortgage.read more

Steve Truong
Steve Truong
16:09 25 Aug 21

James and his team at Mortgages.ca are the real deal in many ways:- very professional through the process- knowledgeable of the process/market and able to guide you through your own circumstances, no matter how unique- extremely responsive- perhaps most importantly, they’re able to get great rates that are hard to find on your ownWould certainly recommend them to anyone looking for a mortgage.read more

David Chu
David Chu
18:25 23 Aug 21

Scott and James got us approved after we got poor service at our bank. They are experienced with self employed professionals and kept all their promises knowing we had a short closing. Thanks guys.read more

John Devaney
John Devaney
13:08 23 Aug 21

Hi James Harrison and Mayra Watrich are # 1 in my eyes . I had a bad experience with a very bad broker she lied from day one 3 weeks before closing she said i needed $30.000 more to close. I did not have. So because of her dishonesty. I would of lost my $15.000 deposit. A realtor Mike Mccarthy told me about James. Told him my story and he was very honest and professional up front. James did get me my loan before closing and a great mortgage. Thanks again James and Mayra.read more

Dan Maragno
Dan Maragno
20:35 17 Aug 21

James and his team were unbelievable and took any uncertainties right out of my hands. Very informative, exceptionally responsive and punctual. Hands down using them for my future transactions, it was a seamless experience….Thank you!!read more

Sharif Ad
Sharif Ad
21:15 13 Aug 21

Housing market is soaring like crazy and I thought I would not able to buy a house in Toronto. I reached out to Mortgage Architect after unsuccessfully dealing with various brokers. Scott Nazareth made me confident that he will buy me a house. He was incredible from beginning to end, very professional, responsive and managed to help me close on the property. He ensured that I felt at ease throughout the entire process, answered any of my questions via email and text message and always kept me updated with the progress of the approval. He also helped me to negotiate the interest rate! I am extremely glad and grateful that I reached out to Scott. I will not hesitate to recommend him to anyone.read more

Jason Murray
Jason Murray
20:15 28 Jul 21

Amazing people who work their hardest to get you the best rate possible. Great communication and always prompt when responding! Overall great experience!read more

Joshua Acheson
Joshua Acheson
14:38 28 Jul 21

My partner and I worked with James and Mayra on our mortgage and they were fantastic. Both James and Mayra are great communicators and were very responsive throughout the process. They have good instincts for when to use email and when it’s best to hop on a call to sort out ambiguity.I would absolutely want to go through a future mortgage process with them and recommend them to any friends or family.read more

Mary Plasko
Mary Plasko
13:31 24 Jul 21

Scott is the one to speak to. In my unique situation, I was concerned about a few things and Scott was able to make things happen. 5 stars to your commitment, knowledge, thoroughness and professional approach while having an understanding of the human side of things at the same time. Scott alleviated much of the stress and helped this experience be that much more pleasant. I highly recommend mortgages.ca. You will be well taken care of. Thank you Scott.read more

Dariusz
Dariusz
14:26 16 Jul 21

Working with James and his team was a amazing! James was extremely responsive to my many questions and made the whole process very easy and stress free. I didn’t know getting a mortgage could be this smooth. Do yourself a favor and call James Harrison and his team to set you up with a mortgage. After working with banks and other brokers in the past they don’t even compare to the quality of service you will receive at Mortgages.ca.read more

Andrew McGirr
Andrew McGirr
15:24 14 Jul 21

My Wife and I worked with another mortgage broker to buy our home. Steve helped us refinance recently and we cannot believe the difference.Steve helps you through the whole process and understands exactly what the client wants/needsVery professional and timely and felt to be important. If I did not know any better I would say I was his only client at the time because he gives you so much attentionDo not waste time with anyone else, this will be the best choice you ever makeI will continue to use Steve for anything mortgage relatedread more

Holly Stallan
Holly Stallan
23:45 08 Jul 21

The best in the business. Steve is professional, incredibly thoughtful and responsive in all matters, and has gone above and beyond to help me with several mortgages over the past number of years. I highly recommend him to everyone looking for a sincere customer advocate!read more

Daniel Alonzo
Daniel Alonzo
17:30 08 Jul 21

My wife and I worked with James and his team when we bought our first home in 2017. Fast forward to today (i.e. 2021), James has once again made the transition of re-financing our mortgage as easy and comfortable as the first time we’ve worked with him. From this, we would like to highlight the consistent professional service he brings to his clients. We have full confidence that he will always represent the best interest of his clients regardless of how the real estate market is going.read more

Pedro Silva
Pedro Silva
04:02 07 Jul 21

We can’t thank James and Myra enough for their help in getting us our mortgage!We had been dealing with another mortgage broker a few weeks before our home search. All required paperwork done, all numbers crunched, you’re “good to go” we were told.We finally found the place we were looking for made an offer that was accepted then waited for the “formality” of having the mortgage approved. Well by day 4 of excuses we became extremely worried. Our place had sold, closing was now just 3 weeks away and we still had not been approved, despite being assured our file was “good to go”.We reached out to James and Myra and again submitted all the required paperwork, within a few days our mortgage (with a bridge loan in the mix) was approved!We wish we had started out with them from the beginning, the stress we would have been spared.THANK YOU, THANK YOU, THANK YOU!!!read more

Nathan Kruger
Nathan Kruger
15:01 03 Jul 21

Steve did an excellent job walking us through the mortgage application and closing process. He gave us good advice, was always available to answer questions and clearly enjoys what he does. He was a pleasure to work with and we would happily recommend him to anyone looking to buy their first home.read more

Rahul Ajani
Rahul Ajani
13:27 30 Jun 21

It was a pleasure to have James and Myra help us with our mortgage. They are well-organized, they prepared our file neatly and there was no last-minute rush for any missing papers. They are responsive: whenever I wrote to them I heard back from them in a matter of a few hours. They explained the whole process to us very well. There were no hidden fees/charges. Whenever we needed anything from them they acted really fast. For example, our builder’s law firm had made a mistake in the property address, so we needed revised approval letter, which they secured the very next day. Transparent professional and responsive. I would definitely recommend them to my friends.read more

Kathleen Bellehumeur
Kathleen Bellehumeur
21:11 18 Jun 21

Had a wonderful experience working with Mortgages.ca. James and team were so incredibly helpful, professional and detail oriented. They completely set my mind at ease and got us to a great outcome! Couldn’t recommend more highly!read more

Jonathan Grottoli
Jonathan Grottoli
21:45 14 Jun 21

Steve was very insightful. He really took the time to understand our needs and helped us think outside the box. With his guidance he saved us a lot of money and set us up for future success.read more

Neil Upshall
Neil Upshall
17:41 14 Jun 21

Had a great experience with James and Mayra at Mortgages.ca. And despite being a challenging customer, they were patient and accommodating with me throughout the entire process. Would highly recommend.read more

Natalie Kasparian
Natalie Kasparian
16:48 11 Jun 21

BEST MORTGAGE BROKERS.Look no further, they are always so fast at responding to any concerns you have regarding the mortgage process and then the mortgage itself. They made the whole process so seamless and easy.During my application, I wanted to make a change to my mortgage very close to the closing date and they were very understanding and made it happen in the nick of time !! I am very grateful and I highly recommend James and Mayra for all your mortgage needs !read more

Lisa Marriott
Lisa Marriott
16:21 11 Jun 21

James Harrison from mortgages.ca is our go-to mortgage broker. When we first purchased our home 9 years ago, we hadn’t met James yet. We used another broker from a big name company and it was disastrous. We were first time home buyers and I felt so alone in the process. My emails were often ignored and I did not have the guidance one really needs as a first time buyer.My husband is a successful realtor in Toronto and James Harrison came highly recommended. My husband recommends James to all of his clients as we have trusted him with our personal mortgage financing for the last two renewals. I’ve also recommended James to personal friends and they are all so thankful.James is very professional and very knowledgeable. He always responds very promptly. He makes everything seamless and stress free. He always goes above and beyond. If you’re looking for mortgage broker, look no further!read more

Anna Shpilevskaya
Anna Shpilevskaya
14:25 11 Jun 21

Had a wonderful experience getting our mortgage with James Harrison. This is the second time we had James help us and both times we have been extremely happy. He promptly answered all our questions and took the time to explain different options available to us. Highly recommend working with him and his team!read more

Ryan Wykes
Ryan Wykes
13:38 11 Jun 21

Only person I trust with my mortgage business. AAA+ service and guidance on the right moves for me and all my clients. The entire team makes the process seamless and easy.read more

Trudy T
Trudy T
17:13 01 Jun 21

I can not say enough about Steve and his assistance during my journey in purchasing a place. He has been nothing but helpful and full of insights… plus he has a friendly but non-pushy demeanor that made all our correspondences very comfortable. I felt like I could ask him anything and he was always happy to answer my questions in depth and easy to understand. Highly highly recommend Steve!!read more

Lauren Pelley
Lauren Pelley
03:00 01 Jun 21

We’ve had a great experience working with James and the Mortgages.ca team for more than a year now, including securing a mortgage for our first home. On top of that, the team alerted us to other great opportunities, such as a program to complete our home renovations and later helped us lower our interest rate. We highly recommend the broker route for anyone buying a home!UPDATE: We worked with James’ team again to refinance. Helpful and smooth process where he provided multiple options and got us the best rate, allowing us to make the most of our home’s value without moving. When we do sell, we’ll be returning for services from Mortgages.ca!read more

Tara Wood
Tara Wood
17:01 30 May 21

James and his team are helpful, thorough, responsive and just plain lovely to work with. While confirming a mortgage in this crazy market, they moved quickly to align with offer dates and provide sound advice along the way. highly recommend!read more

Ann MacNaughton
Ann MacNaughton

15:43 16 Feb 18

Mortgages.ca and the very personableJames Harrison have always offered a quick response to any query, in-depth knowledge of mortgage options and concerns, and excellent service to the clients we have successfully referred.
Looking forward to many more!
read more

Mustard Littl
Mustard Littl

16:26 14 Feb 18

Answer to trivia question: 2.7%

Amanda Rose
Amanda Rose

23:54 04 Sep 17

Great customer service. I was able to get a competitive rate. I’d like to treat them some champagne for helping me with my 1st mortgage so well.read more

Brad Scott
Brad Scott

03:08 15 Aug 17

Outstanding service. Steve Harrison went above and beyond. He was always available and answered every phone call or text immediately. We had a few issues which Steve easily solved for us. Would highly recommend.read more

Melissa Trombetta
Melissa Trombetta

02:19 17 Feb 17

Excelente service. Steve did everything we needed to get what we needed. Very satisfiedread more

Andrew Smith
Andrew Smith

01:28 06 Jun 16

After having a very negative experience with a banks mortgage devision. Steve was exactly what we were looking for. Steve was excellent at answering our questions quickly and clearly. His professionalism gave us the confidence to make an aggressive offer which ended up being successful in the purchase of our 1st home. Thank you Steve, would recommend to any one.read more

Barry Naymark
Barry Naymark

16:45 17 May 16

We are very happy with all the customer service, hard work and dedication from James and Laurie. I was able to ask all the important questions and get all the right answers as this was our 1st time buying our 1st home! The efficient and effective work really allowed me to feel at ease that I was getting the best service, rate and lender to make my dreams a reality! I recommend them for all future buyers. Their communication was perfect in instructing me to do have everything in place with closing! I will continue to recommend them!read more

Joy Varrasso
Joy Varrasso

18:41 11 Jun 15

Once again James has exceeded our expectations with his exceptional customer service and the ability to offer knock out rates. This is our second time using him and have referred him to family and friends. Thanks again for all your help!!read more

Diana Wright
Diana Wright

13:03 04 Dec 14

As first time homebuyers, finding the perfect home in Toronto within budget was challenging and full of learning experiences. Steve took the surprises and uncertainty out of the biggest purchase (ahem…loan) of our lives. He was able to answer all of our questions and ensure we had the information we’d need to make a decision. Trust me, as someone in financial risk management, I had A LOT of questions. And of course, No one could come close to the rate he got us. Thanks for helping us own our dream house and a piece of this great city!read more

Sarah Makhomet
Sarah Makhomet

17:45 26 Nov 14

A great team of professionals!!!

Alyse Orsborn
Alyse Orsborn

20:48 28 May 14

I was referred to Steve from a colleague and I have been blown away! Just got back from seeing my lawyer who actually fist pumped me on the amazing rate we got. Aside from the low rate, as a first time home buyer, Steve spent so much time with me helping me along the way and educating me on an area I felt I didn’t know a lot about. I’m a studier and he provided all the content and clarity I needed. He was only a phone call away and always stopped to take the time Trust is everything and I feel so lucky to have had Steve during this whole process. Thank you Steve!!read more

Paul Francis
Paul Francis

16:31 29 Mar 14

Nothing but professionals here, looking forward to our next dealread more

Nicolas Wen Shea
Nicolas Wen Shea

13:44 25 Mar 14

Incredible customer service from Steve. Always picks up and prompt for meetings. Found the best rates possible and always took the time to explain the pros and cons of each alternative. My go to guy for anything mortgages related!read more

Lee Dipps
Lee Dipps

22:18 17 Mar 14

I’m so lucky I got in touch with Steve Harrison from Mortgages dot ca before signing anything with my bank or the broker my agent referred me to. Steve’s ability and willingness to answer all of my questions as they came up day after day, was amazing. He was a great help throughout the process and even found me a significantly better rate than my bank or my realtor’s broker. I want to encourage anyone who is in the market to contact Steve Harrison.read more

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