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Why do I need an appraisal for a home equity loan?
The lender requires an appraisal for home equity loans鈥攏o matter the type鈥攖o protect itself from the risk of default. If a borrower can鈥檛 make his monthly payment over the long-term, the lender wants to know it can recoup the cost of the loan. An accurate appraisal protects you鈥攖he borrower鈥攖oo.
Do no-appraisal home-equity loans exist?
No-appraisal home-equity loans do exist. In many cases, though, a lender requires a full home appraisal before approving your application for a home equity loan. However, many lenders will accept an alternative to a full appraisal to establish the value of your home.
Do lenders require home appraisals?
Some lenders require this appraisal as a matter of course, while others have the property appraised only for loans over a specified amount. If your lender wants an appraisal done, they’ll order one from a licensed, independent appraiser and work with you to get it scheduled.
Do I need Another appraisal for a HELOC or equity loan?
If you’re trying to obtain a honme equity loan or HELOC, you may be wondering whether or not you’ll need another appraisal on your home. Depending on your circumstances, the home equity lender may be willing to use a streamlined appraisal process, cover the costs of your appraisal or waive the need for an appraisal altogether.