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it depends upon the lender - if the market in your area is active - a lender can decide to use comparable recent sales figures on same/similar dwellings

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17y ago

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What does mean equity?

In regards to home ownership and property, equity can be seen as: Home appraisal value (minus) loan amount (equals) Equity amount It is possible to have negative equity, which can happen when a homeowner buys in a rising market, and there is a price correction, reducing the value of the home appraisal. If there is no loan against the home, the equity is equal to the appraised value. Equity can also be viewed as Share.


How do you get a loan if home appraisal is higher than value of home?

Apply for less money than the appraisel.


How can I request a home appraisal to remove PMI from my mortgage?

To request a home appraisal to remove PMI from your mortgage, you should contact your lender and ask them to initiate the appraisal process. The appraisal will determine the current value of your home, which is needed to show that your loan-to-value ratio is below 80, allowing you to remove the PMI.


What are the minimum VA loan requirements?

The depends on the type of loan. A VA (Veterans Affairs) home loan requires a certificate of eligibility, VA appraisal, and acceptable financial status.


How can I take out a loan against my house?

To take out a loan against your house, you can apply for a home equity loan or a home equity line of credit (HELOC) through a bank or mortgage lender. These loans allow you to borrow against the equity you have in your home, which is the difference between the value of your home and the amount you owe on your mortgage. Keep in mind that taking out a loan against your house puts your home at risk if you are unable to repay the loan.


What is a loan against securities?

Loan against securities is a loan that a customer can avail by pledging his or her investments in favour of the lender. This loan can be availed without selling your investments.


Is home appraisal paid before receiving money from loan?

Yes. Most lenders will require that the borrower pay for the appraisal at the time of loan application. For certain residential mortgage transactions, the lender must wait until the applicant has expressed an intent to proceed with the loan before collecting the appraisal fee. Of course, the reason for collecting the appraisal fee early in the loan process is that it is possible the loan will not be made. The applicants may withdraw their application; the loan may be denied for some reason, or the property may not appraise for enough to support the loan request. The lender must still pay the appraiser whether the loan is made or not. However, I have heard of lenders that wait until the loan is made (funded) and collecting the appraisal fee at that time.


Can I get a loan against my house deed?

Yes, you can get a loan against your house deed through a process known as a home equity loan or a home equity line of credit (HELOC). This type of loan allows you to borrow money using your home as collateral.


Is it possible to refinance a mortgage without requiring an appraisal?

Yes, it is possible to refinance a mortgage without requiring an appraisal through certain programs such as the FHA Streamline Refinance or the VA Interest Rate Reduction Refinance Loan (IRRRL). These programs allow for refinancing without a new appraisal under certain conditions.


How can I get mortgage insurance removed from my loan?

To remove mortgage insurance from your loan, you typically need to reach a certain level of equity in your home, usually around 20. Once you believe you have reached this threshold, you can contact your lender to request an appraisal to confirm the value of your home. If the appraisal shows that your equity is at or above 20, you can then request to have the mortgage insurance removed from your loan.


Can you get a home equity loan without having a home?

No.


What are home equity loans for?

A home equity loan is a loan to be used to make repairs on a home. It is a loan that can be taken against a mortgage to fix a problem or make upgrades to a home.