Can You Get a No-Appraisal Home Equity Line of Credit?
AuthorAmanda Dodge. Date:
When you make mortgage payments or your home value increases, your equity grows. A home equity loan or line of credit is when you pull from this equity, liquidating your worth so you have money for home projects, college tuition, or other life costs. One of the most common requirements to be approved for a home equity loan is an appraisal, which provides an objective estimate of the value of your home. However, some homeowners might seek out non-appraisal home equity loans and lines of credit. These can be easier, faster, and more affordable options. While no-appraisal home equity loans exist, they are not as common and come with limitations. This guide will highlight the benefits and drawbacks of a no-appraisal home equity line of credit or home loan so you can make a more informed choice on the right path to take. Learn why lenders ask for appraisals and … Continued
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