What’s The Deal? Needing an Appraisal with 20% Down Payment

Need An appraisal with 20% Down Vlog

I’m Andrew Young of Mortgage Wise Financial and Community Mortgage Movement.

What’s the deal with Needing An Appraisal When You Have 20% Down?

To begin with, an appraisal is an unbiased estimate of the value of a home you want to buy or already own by a third party appraiser. It is basically an analysis of recently sold properties, active properties, terminated properties, and expired properties around your area to determine the value of your home right now. Most lenders will consider recent within the last 30 days.

A lot of people ask me “Why do the lenders need an appraisal when I have 20% down or more?”

This a real easy question to answer. When you have less than 20% down for a down payment, a lender has to go to CMHC, Canada Guarantee, or Genworth to get third party insurance. This then means that the onus is on the insurance company if you were to default on your mortgage.

When you have 20% down or more, this means that the onus is on the lender itself. Therefore the lender wants to make sure that the value for the home, if the worst-case scenario were to happen (you were to default on your insurance). They have to go in, take the home and then sell it again on the market.

This is why you need an appraisal, even if you are paying 20% or more for your down payment

I’m Andrew Young and that’s the deal.

What’s The Deal? Community Mortgage Movement

Community Mortgage Movement

I’m Andrew Young of Mortgage Wise Financial and Community Mortgage Movement.

What’s the deal with Community Mortgage Movement?

I originally started the Community Mortgage Movement back in 2016 as a passion project. The whole point of the organization is to give back to the community that has helped to make me who I am today.

With every deal that I do through Mortgage Wise Financial, a portion of the proceeds go back into the community. This is done in two different ways: 1) this is my family foundation, which is through the London Community Foundation and is given in the form of an endowment. For those unaware what an endowment is, it is a fund that is a receptacle for gifts given in perpetuity. The capital of the endowment remains untouched, and only the income from the fund is used for ongoing programs and services.

2) The Community Mortgage Movement has chosen six charities, these charities have been screened and vetted by us to make sure that every single dollar that is donated is going towards someone who is in need. We piggy back on the Vital Signs report, which is released by the London Community Foundation and is released every 2 years. This report helps to identify and fund the greatest impact that will help the London, Ontario community.

When we first started in 2016, we were very successful and were able to give back $10,000 to charities within the London, Ontario community. In 2017, we were able to give back $15,000 and are goal for this year is to give back $20-25,000.

How Can You Help?

You can refer any of your friends, family, colleagues, and neighbours. Not only will they get incredible rates, competitive products, and at the end of the day they are helping out the community they are investing in.

Thank you again for helping to make Community Mortgage Movement so successful.

To learn more about our products and services visit our website

What’s The Deal? – Bloopers

What's The Deal Bloopers

I’m Andrew Young of Mortgage Wise Financial and Community Mortgage Movement.

And what’s the deal with my inability to get my lines right?

Here is the deal, I can’t always get my lines right or joke around in between takes. Here are some of the bloopers while filming. While working on these videos I have compiled some footage of me forgetting some of my lines, playing around with “what’s the deal” and trying to figure out which one would work best.

Looking for help with refinancing or renewing your mortgage? Feel free to reach out and I’ll make sure I find an option that is suitable for you and your needs!

For those of you who don’t know me, I am a leader in the mortgage industry and in the London, Ontario community. Not only do I help with finding a suitable solution to my clients needs I also help with supporting the London, Ontario Community. I am involved in several London, Ontario not for profits and on multiple boards and committees in the London, Ontario and surrounding areas.

Myself and Community Mortgage Movement is a group of caring and compassionate advocates who are creating a cooperative approach to funding community initiatives. Not only do I want to help grow the London, Ontario community, I want to help develop sustainable funding to support local businesses and community partners.

For your viewing pleasure, I’m Andrew Young and that’s the deal!

Community Mortgage Movement Charity Highlight: Growing Chefs

Growing Chefs

Growing Chefs! Ontario is a registered charity based out of London, Ontario. They unite chefs, growers, educators and community members in children’s food education projects.

Growing Chefs! Was founded by Merri Schwartz, a professional pastry chef in September 2006 in Vancouver, British Columbia. She founded Growing Chefs! as a tool to connect those chefs and growers to local communities, using a fun, empowering, educational program to do so. After getting involved with the program, restaurant manager Andrew Fleet began the pilot for the second chapter of Growing Chefs! in London Ontario.

For 10 years Growing Chefs has been working in the London, Ontario community to help get kids excited about cooking, preparing and sharing healthy food together. The charity has been running programs within schools for about 10 years, as well as several community agencies in London.

One of Growing Chefs’ main goals is to help provide an avenue for chefs and growers to get more involved in the community and help with supporting food education. They also look to provide children in the community with the knowledge and confidence to grow, prepare good and healthy cuisine.

One of the programs that they offer is a hot lunch program for several of the schools within the London, Ontario community. Through the use of their commercial kitchen – the Beet Cafe They prepare and deliver over 27,000 lunches hot and healthy lunches each year. They also offer recipes and educational classes for children

They host a variety of Food Education Projects and each month they offer events their own signature meals. These events are open to the public and the menu for these events are carefully crafted, with fresh local ingredients.

Remember that Growing Chefs is a grassroot organization and would not be able to function without the help of the community and volunteers. If you are looking to volunteer your time be sure to head over to their volunteer page and see the available volunteer positions.