Home Equity Line/Loan
Home Equity Lines, Home Equity Loans, Second Mortgage
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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)?
Other Home Equity questions
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.