HELOC

[Appleman]

In the process of refinancing to get the PMI off my payment and save quite a bit of interest.

I will basically owe 79 of the stated value on the new mortgage.

What options are available for a HELOC? Home value is $249,000.

Thanks

[Anonymous]

Some HELOCs will go up to 89.99% loan-to-value. Smaller banks and credit unions are good for HELOCs.

[Appleman]

Thank you.

My refinance received an appraisal waiver. I assume I will now have to get an appraisal to get a HELOC?

[StartingOver10]

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@Appleman wrote:

Thank you.

My refinance received an appraisal waiver. I assume I will now have to get an appraisal to get a HELOC?

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HELOCs are a different animal.

From what I have seen - some lenders will just order a "drive by" appraisal.  This is not usually in your favor. In other words, if the appraiser is only asked to do a drive by the value has a tendency to come in lower IME.  

Some will order a full appraisal. Some will use an AVM (one of the automated valuation models).  Ask your LO what their procedure is before you sign an application, 

[Appleman]

Thank you for the information.