postman
Diamond Member
- Feb 23, 2017
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Banks don't take valuations from someone looking for a loan, Stupid.
You are only correct on a technicality. They take valuations from a certified appraiser hired by someone looking for a loan.
The bank doesn't do their own appraising.
Our Complete Guide to Second Mortgages
Second mortgages can include: home equity loans, home equity lines of credit (HELOCs) and piggyback loans.
![www.mortgageloan.com](https://refi.com/wp-content/uploads/2022/12/cropped-favicon-32x32.png)
Your friendly realtor may be able to give you a market value for your home, and you may even know the amount that your neighbor sold his house for last year. Unfortunately, a lender isn't going to accept either of those figures. He's going to want an appraisal.
After a thorough examination, he will deliver an estimate of your home's current value.
The price of an appraisal varies from market to market and is affected by the size and complexity of the job.
Count on spending at least several hundred dollars, no matter what type of place you call home.