Appraisals your lender can rely on
Most of the appraisals Burley Appraisals completes are for mortgage financing. When you buy a home, refinance or move your mortgage to a new lender, the lender needs an independent opinion that the property supports the loan. Our reports are accepted by major banks and credit unions in Manitoba, and we work with mortgage brokers every day.
Every mortgage appraisal starts with an in-person inspection. We measure the home, note its condition, updates and features, and compare it with recent sales that buyers in that neighbourhood or town would actually consider. The report sets out the comparable sales and adjustments so the underwriter can follow the reasoning, which helps files move through approval without extra questions. Our guide to what lenders look for in an appraisal explains the review in more detail.
Refinancing and equity takeouts
When you refinance, the appraised value sets how much you can borrow. In Canada a conventional refinance is generally limited to 80 percent of the home's appraised value, so the value directly affects the equity available for debt consolidation, renovations or helping family. The price you paid years ago no longer matters; the lender wants today's market value.
Having a list of updates ready, with approximate dates, helps us capture what your home is worth now. Our article on refinancing and equity takeouts in Manitoba walks through the numbers, and how to prepare your home for an appraisal has a practical checklist.
Purchases, new builds and switches
For a purchase, the appraisal confirms that the price is supported by the market. New construction can be harder, because builder pricing and upgrades do not always match what the resale market will pay; see why a new-build appraisal may not match the builder's price. For mortgage switches and renewals with a new lender, we provide a current value in the format the lender requests.
Working with lenders and brokers
- Online ordering. Lenders and brokers can order online, and we contact the borrower to book the inspection.
- Reports delivered to you. The signed report is emailed to whoever placed the order, typically within 2 business days of the inspection.
- Lender formats. If your lender uses an appraisal management company or a specific form, tell us when you order and we will work within it.
- Across the region. With appraisers in Winnipeg and Winkler, we cover Winnipeg, Steinbach, Winkler and all of Southern Manitoba.
Common questions
Will my lender accept your mortgage appraisal?
Our reports are accepted by major banks and credit unions in Manitoba. If your lender uses a specific appraisal management company or form, tell us when you order and we will confirm.
How much can I borrow when I refinance?
A conventional refinance in Canada is generally limited to 80 percent of the appraised value, less your existing mortgage and other secured debt, subject to the lender's approval of your income and credit.
What if the appraisal comes in lower than expected?
Talk to us. If you know of comparable sales or features we did not consider, share them through your lender or directly with us and we will review them.
How quickly can I get a mortgage appraisal?
Most reports are delivered within 2 business days of the inspection. Tell us your lender's deadline when you order and we will do our best to meet it.