HELOC HOME APPRAISAL

[Laureano Perez]

I applied for a HELOC loan. Can the appraisal that was done less than 45 days be used at several different banks?

[Cary O.]

While the laws may differ in your state, you may not even need the appraisal if you work with a larger national bank as they have a designated department to determine the market value of your home for a HELOC. It will be to your benefit to have the recent appraisal as it will give you a better idea if their valuation of the market value is within an acceptable range or not. If you disagree with their valuation, you can ask for a formal appraisal to be completed.