1 Tip to Save Your Borrower Money

Here’s a great tip to save your borrower money: get the pictures before the appraisal.

You see, appraisals are expensive for borrowers and every little bit helps.  Plus there’s no question they will appreciate it when you make a point to save your borrower money.

Often borrowers are hesitant to spend the money on appraisals.  This is especially true if they have any concerns that the deal won’t close.  It is even more true for unique properties or locations where there isn’t historical data available to help the lender.

In these cases, we often suggest that the borrower provide a series of pictures right off the bat.  Pictures of both the inside and outside of the home, similar to what an appraiser would provide.

Pictures truly are worth 1000 words.  By supplying your lender with detailed photos from the beginning, a skilled underwriter can quickly make some important determinations.  They can tell the likelihood of whether or not a property is worth proceeding to the cost of an appraisal or if that cost can be saved.

While it may be disappointing to the borrowers, they’ll likely be very thankful to have saved the cost of an unneeded appraisal.

Early pictures provide an added bonus to the broker as well. 

When you have access to the pictures, you can address any foreseeable issues with the borrower from the start.  And if questions arise from the lender, you are prepared with a full and detailed story.  The more details you have available from the start, the better.

And as always, if you’re unsure or have any questions, be sure to contact the lending experts at Kokanee Mortgage.  With over 40 years of lending experience behind us, we are here to help with all your lending questions.  If you find yourself faced with a tough file, Kokanee’s skilled underwriters are here to help.