When getting a home equity loan does the bank or credit union do an appraisal on your property?
z400wood asked:
When getting a home equity loan does the bank or credit union do an appraisal on your property?
When getting a home equity loan does the bank or credit union do an appraisal on your property?
6 Responses to “When getting a home equity loan does the bank or credit union do an appraisal on your property?”
Yes, of course, they need to determine how much equity there is.
I would word that differently. An appraisal will be done. And you’ll be paying for that appraisal.
So yes.
Well yes they want to know exactly how much the house is worth through research by an accredited professional not just some joe blow.
Yes…….even closer now………
Many homeowners apply for home equity loan for a variety of reasons. While some want to utilize the money to get rid of unmanageable debt, others want to add value to their existing home by restructuring and repairing. Whatever may be the reason, the home equity loan provides a homeowner the quickest and easiest means get extra cash to meet unavoidable expenses.In many cases, lenders are too willing to offer you home equity loan for the simple reason that the loan is secured by your property.
The market is flooded with so many loan products from lending institutions that offer you excellent terms and conditions and leave no stone unturned to publicize their schemes on televisions and print All this may leave you feeling baffled and confused about which home equity loan product to pick. Before choosing which lending institution to go with, make sure to do some research. Shop online to obtain home equity loan quotes from different financial companies.
The factual answer is yes, and maybe. To clarify, your location is somewhat critical. Is this an “in-house” line of credit? Many rural and suburban lenders have relied on equated assessment data and public records for this purpose. Things have tightened considerably in the past 12 months, but numerous larger lenders still rely on “desktop appraisals” completed by the institution and/or loan officer to develop a range of values your home may fall within. You may not see an appraisal in the traditional sense as you envision it, but some mechanism to determine “their” estimate of market value will occur. It’s just that lately, it’s rarely accurate.