drive by appraisal for home equity loan

Chase has mortgage options to purchase a new home or to refinance an existing one. Our home equity line of credit lets you use a home’s equity to pay for home improvements or other expenses. Get started online or with a Chase Home Lending Advisor.

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Home appraisals on home equity loans are initiated by the lender. Why an Appraisal Gets Done Home equity loans let you borrow money based on the amount of equity, or ownership, you have in your home.

Did you know there is a lower cost, faster alternative to a 1004 or 2055 drive-by appraisal on home equity and other portfolio mortgage loans over $250,000? ValueNet is not a limited valuation report – it is an innovative alternative to traditional real estate appraisals for home equity loans and portfolio loans.

A mortgage lender can get a general idea of a property by conducting a drive-by appraisal. This involves merely driving by a house and assessing its value from the street. However, these appraisals can be flawed, since they give no clue as to the condition inside the home, making them risky.

Automated Valuation Model (AVM) Computer generated estimate of residential property value, accepted by most lenders as a substitute for a full property Appraisal for second mortgage loans and home equity lines of credit. Valuations are calculated using computer software models and recent sales of similar homes.

Using residential appraisal services will be necessary for almost everyone at some point.If you are buying or selling a property, you will most likely have to have your property appraised by a lender. If you are refinancing the property or getting a home equity loan, the property will also have to be appraised.

If you have lived in your home over 12 months, a recent tax assessment, simple drive-by appraisal, or automated value model (avm) can be used. An avm is a computer generated assessment of your home’s value which is based on recent home sales of comparable houses in your neighborhood. You can learn more information on 125% home equity loans.

Not everyone needs an appraisal to refinance a home loan, but should you get one anyway?. What is a home equity loan?. Pros and cons of refinance appraisals.

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