RESIDENTIAL MORTGAGE RATES EFFECTIVE: June 5, 2006
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Whistler Real Estate Co Ltd, #137- 4370 Lorimer Road, Whistler, BC V0N 1B4 Prime Rate = 6.00% |
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Appraisals vs. Home Inspections: What's the Difference? An appraisal allows the lending institution determine if the land and building in question are suitable as security for a mortgage. For conventional mortgages, a lender will in most cases require that a professional third party appraise the property to ascertain it's current market value. A home inspection is not used to determine property value, but will provide an assessment of physical condition of a property. While a appraisal is intended to provide the lender with sufficient information to decide on mortgage financing, a home inspection will hopefully reveal to a potential homebuyer that the building and its systems are in sound working order. |
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