Posted on: 22nd Sep, 2011 04:15 am
Is there a firm/lender that is offering a HELOC without attaching appraisal and appraisal fees ? previous HELOC used "desk appraisals".
what is standard loan to value expected ?
what is standard loan to value expected ?
Hi Bals!
Welcome to forums!
Most of the lenders will want you to appraise the property before they give you a HELOC. Unless they know that the property has equity in it, none of the lenders will be ready to offer you a HELOC.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Most of the lenders will want you to appraise the property before they give you a HELOC. Unless they know that the property has equity in it, none of the lenders will be ready to offer you a HELOC.
Feel free to ask if you've further queries.
Sussane
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>>Is there a firm/lender that is offering a HELOC without attaching appraisal and appraisal fees ?
No. Underwriters are even requiring appraisals for mortgage programs that don't require appraisals (ie: FHA streamline).
No. Underwriters are even requiring appraisals for mortgage programs that don't require appraisals (ie: FHA streamline).
There is no "standard" loan-to-value (LTV)
The LTV varies by Lender typically from 50% CLTV (Combined loan to value) to 90%. You have to shop locally and ask as many Lenders as you want to call. You will find the allowed CLTV varies all across the board.
All that came about after the sub-prime mortgage mess hit in August, 2007. Prior to that, you could find CLTV to 100% to 125%. Not now.
The LTV varies by Lender typically from 50% CLTV (Combined loan to value) to 90%. You have to shop locally and ask as many Lenders as you want to call. You will find the allowed CLTV varies all across the board.
All that came about after the sub-prime mortgage mess hit in August, 2007. Prior to that, you could find CLTV to 100% to 125%. Not now.
In many cases a standard acceptable total LTV ratio is from 80-85% though there may be a few that will go higher if you have strong debt to income ratios or a very good credit score.
conservative LTV ratios safeguard the lender, so if you have a lot of other possitives in your favour, they may agree to a higher LTV.
Bottom line is that it never hurts to shop around, and quotes are free.
conservative LTV ratios safeguard the lender, so if you have a lot of other possitives in your favour, they may agree to a higher LTV.
Bottom line is that it never hurts to shop around, and quotes are free.