With aerial real estate photography, mortgage brokers can dive deeper and get more details on any deal without leaving the comfort of their office. It pays to know as much about the property as possible – and this can mean going beyond checking the property value.
It doesn’t matter if you are working on a new mortgage or a refinance, there are a number of checks and balances you want to go through to ensure your deal is sound. This includes checking out the property – it’s like everyone’s dad always says: “You want to look before you buy.”
If you don’t have time to drive by every property, a good automated valuation model (AVM) should come with aerial imagery and street views to help you do a quick check that the exterior of the property is as claimed. That way, you can confirm that the information contained within an application is correct.
You know that most lenders will be leveraging similar AVM technology to get their own reports, so why not be a step ahead and do your due diligence to ensure any mortgage you propose to a lender has a better chance of success?
For example, if the property’s value is lower than initially thought, it may require a larger down payment or there may not be enough equity – both of which could mean the deal may not close! That’s why it’s important to take time to verify property information at the application stage.
While mortgage brokers are mainly focused on finding the right deal for their clients, they also want to ensure that the lender – who is guaranteed to be doing their own due diligence – will actually approve the application! To improve the odds of that happening, it helps to present lenders with applications that are going to succeed. Knowing which ones will and won’t go through to the end takes time, which is why most brokers turn to online tools and resources to help do the necessary research early in the process.
With access to the same tools and resources the banks use, mortgage brokers can perform the necessary research and review the right reports to help increase closure rates with lenders, which will improve your relationship with lenders – saving you both time and money in the long run. This includes the aerial imagery and street views that help confirm application information before committing to processing any further.
The best tool will provide you with a property report featuring:
- The address and legal description of the selected property
- Who the homeowner is
- The sales history on the selected property
- The estimated value of the property
- Ranges of values in the neighbourhood
- Current mortgages registered
- Sales comparables – both historical and at the current valuation date
- Aerial views of the property, neighbourhood and closest sales comparables
Purview is one of the best tools mortgage brokers and real estate professionals are using to cross-check property information, including aerial imagery and Google™ Street Views integration. To learn more about the Purview visit www.purview.ca.