I saved my client $32,095-00 by ordering another valuation.
I have had two valuations done on the same property by two different valuers and one valuation was $800,000-00 and the other was $900,000-00. One through his existing Bank and one through another lender.
If he wanted to borrow $720,000-00 he would have paid approximately $18,687-12 in Loan Mortgage Insurance and additional interest of $13,408 over 30 years if he went with the first lender.
If the interest rates and fees where the same then by getting another valuation done I saved my client approximately $32,095-00 over 30 years.
If my client had went straight to the bank he would have either had to come up with additional equity or pay Loan Mortgage Insurance.
Human nature different people value different things and hence the difference in value.
You can help to maximise your valuation by making sure the property is neat and tidy outside and orderly and mess free inside together with completing any half-finished paint jobs and renovations.
Valuations do vary so if you are looking to refinance or get equity out of your existing property it might pay to look at ordering valuations upfront through your broker with a few lenders. Not all lenders will allow free upfront valuations but your broker will be know which ones can.