Quicken allegedly provided appraisers advance "estimates" of property values in assignments on home financings. don’t do the appraisal.’" And if the appraiser told the loan officer that there was.
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The nature of a home equity loan makes it difficult to obtain one without an appraisal. After all, a lender can’t tell how much equity you have in your property without knowing the accurate value. While you won’t get away without some form of valuation, sometimes lenders use certain methods that spare you the expense of a full appraisal.
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If you’re in the middle of a home improvement project, and you do not qualify for a no appraisal home loan, you would most likely not qualify for a traditional Conventional or FHA mortgage. You would be forced to use a rehab loan like a FHA 203k or Fannie Mae HomeStyle Renovation loan if there are is any incomplete construction on your project.
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After seeing an online pop-up ad for Quicken Loans, Lourie Brown of Ohio County, West Virginia contacted the Detroit-based mortgage company hoping to refinance. At closing, she received a whopping $41.
Last year, the two largest sources of American mortgage financing – federally backed Fannie Mae and Freddie Mac – began accepting home-purchase loans that carried no formal property appraisal. Instead.
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A no-appraisal mortgage is a type of home-loan refinancing for which the lender does not require an appraisal, meaning an independent opinion of the property’s current fair-market value is not.
Yes, you can still get a home equity loan without getting a formal appraisal done on your property. Lenders have options for determining the market value of your home beside using traditional, full appraisals. These can involve the use of data analysis, public records or even a quick drive-by observation.