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Mandatory appraisal for home equity loan?

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Jennifer A. Guest	Posted: Mon May 23, 2011 11:37 pm    Post subject: Mandatory appraisal for home equity loan? Like 0 Dislike 0 I'm planning to take out a home equity loan. I just wanted to know is it mandatory to go for a property appraisal for a home equity loan? Is it mandatory even in case of a credit union? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Tue May 24, 2011 12:14 am    Post subject: Like 0 Dislike 0 Hi Jennifer, Whether it is a credit union or any other financial institution, you'll have to appraise your property when you apply for a home equity loan. The appraisal of the property will help the lender know whether or not there is equity in your property. If there is no equity in your property, then none of the lenders will be ready to give you a home equity loan. Thanks
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jun 01, 2011 2:38 pm    Post subject: Like 0 Dislike 0 Jennifer, no lender worth its salt will grant a home equity loan without knowing the current value of the home. As we've seen in the last few years, properties all over the country have lost substantial value; had lenders been making decisions without knowing the real value of a property, the losses would just keep on coming. As James noted, an appraisal is a must, no matter the lender. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
alvinajohn Joined: 25 Dec 2011 Posts: 38 7.96 Dollars($)	Posted: Thu Dec 29, 2011 6:29 am    Post subject: appraise your propert Like 0 Dislike 0 yes it is mandatory to go for a property appraisal even in case of credit unions! _________________ www.foreclosures-gov.ca

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