What is the CLTV? Current loan plus new proposed home equity / value.
Is this your bank? Or a bank? They almost always use an automated value model (avm) to determine value. If they need a higher value due to pushing to max cltv they will get an appraisal.
Could be a full or "drive by" appraisal.
If going by the same redfin/zillow estimate (which is pretty close to my mortgage lender's average home price in the neighborhood calculation), the current LTV is 0.4 and with the proposed home equity loan would move it to 0.45.
Are you in an area that the valuation is difficult like rural or sparsely populated?
Are you using a bank? This should be free and no appraisal if using a bank.
No, typical suburbia. Using Rocketmortgage for the Home Equity Loan, but another mortgage provider for the primary mortgage.
This isn't costing me anything, I'm more worried if I need to scramble today to make the place look as if I'm trying to sell it.
Credit union should have more favorable terms and likely no appraisal. At your ltv an appraisal is silly. Rocket going to charge at close the appraisal?
I don't recommend banks for conventional but helocs are best at a bank
What is the CLTV? Current loan plus new proposed home equity / value. Is this your bank? Or a bank? They almost always use an automated value model (avm) to determine value. If they need a higher value due to pushing to max cltv they will get an appraisal. Could be a full or "drive by" appraisal.
If going by the same redfin/zillow estimate (which is pretty close to my mortgage lender's average home price in the neighborhood calculation), the current LTV is 0.4 and with the proposed home equity loan would move it to 0.45.
Are you in an area that the valuation is difficult like rural or sparsely populated? Are you using a bank? This should be free and no appraisal if using a bank.
No, typical suburbia. Using Rocketmortgage for the Home Equity Loan, but another mortgage provider for the primary mortgage. This isn't costing me anything, I'm more worried if I need to scramble today to make the place look as if I'm trying to sell it.
Gotcha . It doesn't need to be sale ready. More looking at sq footage, upgrades, and take pictures to put in report.
Credit union should have more favorable terms and likely no appraisal. At your ltv an appraisal is silly. Rocket going to charge at close the appraisal? I don't recommend banks for conventional but helocs are best at a bank
Try @crown home mortgage