Mandatory appraisal for home equity loan?

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

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.

yes it is mandatory to go for a property appraisal even in case of credit unions!