Why does a home equity loan require a valuation?
Lenders require a valuation for every type of home equity loan. They do this to protect themselves from risk of default, in case you can’t repay the loan. It also protects the borrower by having a deeper understanding of your properties current value.
Who pays for the valuation on a home equity loan?
In most cases, the lender orders and pays for the valuation. Stewart Valuation Intelligence can help you control costs by offering different product options depending on risk and underwriting criteria.
Why can’t I just use an AVM to value a property for a Home Equity loan?
Prior to the 2008 housing crisis, most lenders used automated valuation models as a cost-effective solution for home equity valuations. Regulation post-crisis has made it so that property condition, in some instances, has to be confirmed to use an AVM.
I thought I could only use drive-by appraisals for home equity valuations?
Many companies can only provide appraisal-based solutions, limiting your choice. Stewart Valuation Intelligence offers AVM, Agent/Broker and Appraiser derived solutions and can match products to your need and credit-risk policy.
Is there a cost-effective way to add interior photos to a solution?
Stewart Valuation Intelligence’s VALIDITY homeowner guided inspection tool can be used in conjunction with many of Stewart Valuation Intelligence’s solutions to give you a view inside the property in question.