Yes, oftentimes, lenders will demand an assessment for a 2nd home loan. Lenders and you may loan providers mandate an appraisal for everyone sorts of house collateral funds once the a precautionary size to guard resistant to the exposure from standard. If a borrower is unable to satisfy a lot of time-term monthly premiums, the second home loan company tries guarantee it may recover the fresh loan’s cost.

If you have good credit results and you may ample household collateral, some lenders can help you do a statistical appraisal to possess an extra mortgage and they brand of appraisals only take a good short while. Continue reading Exactly what are the Debt so you can Money Criteria into the second Mortgages? →