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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.

What is a home equity loan appraisal?

A home equity loan appraisal allows a neutral third-party appraiser to set the value of your home. Once the lender has an expert opinion on your home's value, they can determine the maximum amount of money that they will lend you. This same appraisal process is typically necessary for a home equity line of credit (HELOC) and cash-out refinance.

Do I need an appraisal for a home equity loan?

Yes, in nearly all cases you will need an appraisal for a home equity loan. A home equity loan appraisal allows a neutral third-party appraiser to set the value of your home. Once the lender has an expert opinion on your home's value, they can determine the maximum amount of money that they will lend you.

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