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Looking for Home Equity Lenders who use "Drive-by" or "Automated Valuation" appraisals in NJ

Looking for Home Equity Lenders who use "Drive-by" or "Automated Valuation" appraisals in NJ...I am looking to get a [url=http://www.mortgagefit.com/home-equity.html]Home Equity loan[/url] or HELOC. Does anyone know of lenders in NJ who use "Drive-by" appraisals or Automated Valuation" appraisals for loans under $100,000?
My city assessed value is about $130,000. My present mortgages total about $55,000, and the house must be worth at lease $200,000 even in this down market.

eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in NJ, but just wondering why you specifically require a drive by valuation. It sounds like your home value should be more than enough regardless as to how the value is determined. You already have a loan of $55k on the home. How much did you want with your HELOC?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi steve,

I think you should contact the appraisers of your area and check out with them whether they can go for drive by or automated valuation appraisal or not. But I think a full appraisal of the property will help you in determining the actual price of the property.

Thanks

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

The only loan programs with a "drive-by" or "automated valuation" in NJ that I do know about would be Hard Money. The rates and fees associated with this type of loan are high and def. not your first choice. I hope this helps...

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

based on james' post, i would call it foolish to pay hard money rates and drive-by appraisal fees. a regular appraisal fee isn't that much more than what would be charged for a drive-by, and the resulting "a-paper" loan rate would be substantially better than hard money rates.

this, to me, would be a no-brainer.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:30 | Post subject:

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