do i need an appraisal for a home equity loan

Should You Tap Your Home Equity to Pay Down High-Interest Debt?" – But if you’re thinking about taking a loan on your home in order to pay back creditors, you need to carefully. out your home equity loan payments over 15 years. If you can pay off your credit card.

Do You Have Enough Home Equity to Refinance? – Home Equity Loans – Discover. Your Key to Refinancing: Loan-to-Value Ratio. When deciding if you qualify for a mortgage refinance, the loan-to-value ratio (LTV) is an important metric used by lenders to determine your eligibility.

No Appraisal Home Equity Loan: Is it Possible to Get a HELOC. – If you’re trying to obtain a honme equity loan or HELOC, you may be wondering whether or not you’ll need another appraisal on your home. Depending on your circumstances, the home equity lender may be willing to use a streamlined appraisal process, cover the costs of your appraisal or waive the need for an appraisal altogether.

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Can You Get a Home Equity Loan Without Having an Appraisal. – It would be great if the bank would just take your word for how much your home is worth. Unfortunately, they need more evidence than your say-so before they’ll extend a home equity loan to you. However, you may be able to avoid the expense of the full appraisal given the right circumstances.

Who Should Get a Home Equity Loan? – Discover – A home equity loan is a method of utilizing the existing equity in your home. application, origination, or appraisal fees, and no cash is required at closing.. Do you have a large purchase to make, or a set cost for a particular financial need?

Crunching the Numbers – Discover Home Equity Loans – Home equity loans have become a great choice for homeowners and it’s all thanks to the hard work you’ve put into paying for your home. When looking for a home equity loan, it’s important to know the basics of how the loan operates, what you’ll need to qualify and why this type of loan would be a sound choice for you and your family.

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The loan is going to fall $10,000 short of what you need to do the deal. You will have to lower your price or the buyer will have to bring additional cash to closing. In a refinance, however, a low appraisal may not be a deal breaker. Let’s say your lender is willing to loan you as much as 80 percent of your home’s value.

3 days ago. The 3 most important requirements to borrow from home equity. important to consider your needs and how each option would fit your budget and lifestyle.. Divide the balance by the appraisal and get 0.33, or 33 percent.. For HELOCs, you need to figure out your combined loan-to-value ratio, or CLTV.