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What is a home appraisal?

A home appraisal is the process of evaluating the safety, condition and overall worth of a property, specifically for a home equity loan. This is the most common type of appraisal, often referred to as a full appraisal.

Does a home equity loan require an appraisal?

Yes, a home equity loan generally requires an appraisal. Lenders use this appraisal to determine the current market value of your home, which, along with your outstanding mortgage balance, allows them to calculate how much equity you have in your home. This figure plays a significant role in determining the maximum amount you can borrow.

What is a full appraisal for a home equity loan?

A full appraisal is the most common type of appraisal used for home equity loans. In this appraisal, the appraiser evaluates a couple of different factors.

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