Appraisal for Line of credit

[Patti T.]

Hello everyone. Hope all is well!

I have a question,

I am looking to buy my second rental property with my husband. I was not pre-approved based on me working part-time which is understandable. But it was suggested that I get an appraisal now, and when appraised to hold the money in a line a credit. I don't know when I will be able to get a full time job. I'm hoping by next summer. But my question is should I do the appraisal now. Or wait until let's say next summer. The bank said the only thing holding back from getting approved was me working part-time.

Thanks in advance!

[Jacob Perez]

Hey @Patti T. Appraisals are only valid for about 90 days so unless you're going to qualify for the mortgage / home equity line within that window it wouldn't make a ton of sense to do so.

Feel free to send a DM and we can take a deeper look here.