When applying for a Home Equity loan, is an appraisal required?
When applying for a Home Equity Loan, we typically begin by reviewing your property’s Assessed Value or an Automated Valuation Model (AVM). If either value is sufficient to support your loan request, we may use that information without requiring a full appraisal.
If the Assessed Value or AVM is not high enough, you may choose to have a full appraisal completed at your expense.
An appraisal will be required in the following situations:
- If the Home Equity Loan amount is $100,000 or more
- If the combined total of all Home Equity Loans equals $100,000 or more
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