Do I Need A Home Appraisal To Get A HELOC?
Finding Your Home’s Value
Because your home is the collateral for the loan, it is necessary to determine the value of your property to assess the amount of equity available to use. While an appraisal can accomplish this task, there are ways in which your financial intuition can determine these figures without a full appraisal.
Online resources, such as Zillow, can serve as a reliable source of information in determining the value of your home. By analyzing the recorded tax assessments and comparing the remaining balances of your mortgage, lenders can gain an insight into the value of your home without a full appraisal.
Advantages of Getting Your Home Appraised
Getting an appraisal during your application process has its advantages. If you’re looking to determine the true value (as opposed to an estimate) of your home or perhaps you’ve recently made value-adding upgrades to your home that you would like factored in, an appraisal might be a good idea. However, when it comes to qualifying for a home equity loan product, an appraisal may not be a requirement.
Ultimately, the determination of whether or not a full appraisal is required will be handled on a case-by-case basis by your lender. Speaking with a mortgage representative at your financial intuition is a great place to start in matching your specific needs and goals to the HELOC process.
Ready to get started? Call us at 804-274-1200 or visit one of our 7 local branches to learn more about the best option for you and your goals.
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