When you are refinancing an existing property for the purpose of cashing out equity, it often pays to shop around. However, instead of shopping for the best rate, you are shopping for the best valuation result on your property.
The highest valuation can give you access to more equity, allowing you to increase your buying capacity and avoid loan mortgage insurance.
Savvy brokers are able to order multiple valuations for clients from multiple banks, and go with the bank with the highest valuation. Many banks on a broker’s panel can offer free upfront valuations to their clients, which gives them more options when it comes to selecting the best lender for their financial needs.
Valuation shopping is another reason to use a broker. As this service is something you cannot get when you walk into your local bank branch.