Home equity loan eligibility secrets homeowners must know now

Appraisal and Property Requirements

An appraisal is often required as part of the home equity loan application process. The appraisal helps the lender determine the current market value of your home, which in turn affects the amount you can borrow. Properties must be well-maintained, as significant issues could reduce the appraised value and affect your eligibility. Ensuring your home is in good condition before applying can help maximize your loan amount.