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Appraisals and Home Equity Loans

| Posted in Bank Blogs

Yes, you can get a home equity loan without an appraisal—but there are several things you should consider. First, the amount of the loan needs to be under $50,000. Next, expect a third party to conduct a drive-by look-see of your property. Also, public records may be accessed, and data analysis may be conducted before they approve your loan application. While a full formal appraisal may not be conducted, you can still expect to have your property scrutinized in some way. Assessment records are a tool that lenders use to evaluate your property’s value. Other models exist to help them find comparable prices for your home and they may also use recent appraisal reports on your home, if available.

“An appraisal is a full walk-through of your home and comparison of similar properties within your market. This MUST be completed when the loan is over $50,000.” Gina Patzer, Shawano Branch Manager.

While full appraisals require a licensed appraiser to visit your property to take pictures, look things over and gather measurements while comparing to similar properties in your neighborhood, an evaluation is less expensive and only involves driving by and looking at the outside of your property and then comparing it to similar properties. An evaluation is the less expensive option and only involves property values data comparisons in order to determine your property’s market value. Tax equalized values are also sometimes used when a lender examines your property’s assessed value.

Gina Patzer, Shawano Branch Manager shares, “Remember, an evaluation can ONLY be done if the loan amount is $50,000 or less.”

Contact us today to learn more about loan products. Our team of lenders can help you find the right product to fit your needs.

Gina Patzer NMLS #502643
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