HELOC without formal appraisal
I am starting an AirBNB rental business and would like to use my home equity to fund it. My home is valued at $350k and I need to close a deal on the property I am eyeing because the owner is leaving for another country. I have been approved for HELOC but they want an appraisal which will delay the process by 30 days. Are there lenders who offer a home equity line of credit without a formal appraisal? by csilvers719 from Huntington Beach, California. Nov 22nd 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Yes, yes, and yes... The vast majority of 2nd mortgage HELOC (Home Equity Line Of Credit) DO NOT require a full appraisal, but rather do an automated electronic look at the property value. BUT, understand they may have already looked at that, and didn't like what they see compared to what you need for a value, so they may be requiring a full appraisal. Reach out to at least one other lender for a second opinion. I lend for properties in MN, WI, IA, ND, and SD. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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