On either a home equity line or a home equity loan will an appraisal of my
property be required when I apply (even if I've had my property appraised
within the last year)?
Yes, the property is the collateral for the loan
and therefore some type of appraisal will be performed. Although how extensive
an appraisal required can vary from one lender to another and could depend on
the amount of equity in the property at closing. Some lenders may request a
simple in house "computer appraisal" (a computer search of recent comparable
sales in the neighborhood), others may request that a complete appraisal be
performed by a fee appraiser. Generally an appraisal is valid for a period of
90 to 120 days.
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