Requesting Mortgage Officers to Increase Property Valuation
The Key to Successful Financing Lies in Mastering Property Valuation Techniques
Today we will discuss the issue of property valuation in mortgage loans. When applying for a mortgage loan from a bank, the bank must first assess the value of the property you are purchasing as a reference for approving the loan amount. However, there may be discrepancies between the bank's valuation and the actual value, which requires us to master some techniques to handle it.
Firstly, the bank's property valuation is assessed through a surveying firm (also known as a "notary firm"), and a bank may use more than one surveying firm. Each surveying firm has different expertise, some are good at assessing village houses and shophouses, while others are good at high-end properties such as mansions and villas. Therefore, there may be differences in valuations among multiple surveying firms.
If you are a property investor or know a mortgage officer well, you can ask them to try to get the bank to choose a higher valuation. However, this does not mean that you can arbitrarily request an increase in valuation. Because the bank will conduct a rigorous review, including evaluation reports, property information, and financial status. If these information do not match the actual situation, the bank will not agree to the loan.
Therefore, when you want to get the bank to accept a higher valuation, you need to provide sufficient evidence, such as recent transaction prices of properties, local house price indices, and other related information, and ensure that these information are true and reliable. In addition, you also need to ensure that your financial situation is sound and capable of bearing the repayment pressure of the loan.
In conclusion, property valuation is an important part of mortgage loans, which directly affects how much loan amount you can obtain. If you master the techniques of valuation and provide sufficient evidence to let the bank understand the true value of the property, then the key to successful financing is in your hands. However, please be sure to comply with laws and regulations, and do not defraud the bank by falsely reporting the value, which not only violates the law but also brings unnecessary risks to yourself.
Finally, it is important to note that a mortgage loan is a long-term debt that requires you to bear a certain repayment pressure. Before applying for a loan, please carefully consider your financial situation, choose a repayment term and method that suits you, and do not blindly follow the trend to avoid excessive repayment pressure in the future that may affect your quality of life.
The above is the relevant knowledge about requesting mortgage officers to increase property valuation. We hope it will be helpful to everyone. Thank you for listening.