Is an appraisal required for a Home Equity Loan?

Depends on the lender, but almost all lenders will want one.

The length an appraisal is good for varies from lender to lender. Most lenders only accept appraisals that are less than six months old. Many appraisers including our office will do an "update" for around $175 if the appraisal is not older than 1 year. Most lenders require an appraisal for Home equities. Also the appraisal that you had done might not be able to be used by your current lender if the appraiser is not an "approved" appraiser of theirs.

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RE Is an appraisal required for a Home Equity Loan?

Is an appraisal required when getting a home equity loan? Also, I recently had an appraisal done for a refinance. How long are appraisals good for?

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Yes, you will need an appraisal on your home. There are no lenders doing automated values on home any longer. Due to the hosing market and specific economic conditions lenders are weary of "recertifying" and appraisal that is more than 90 days old. Most will refuse to recertify any appraisal nt done by one of their chosen appraisers. Long story short, yes you'll need an appraisal.

Yes for a home equity loan an appraisal tends to be required so they know how much your home is worth. Usually appraisels lasts for 2-3 years.

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 to 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.

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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.

Yes, but a lot of the times this is not a fee that you pay for, I know numerous amount of banks that offer free appraisals with a heloc. Try Keybank!!!