When applying for a Home Equity loan, is an appraisal required?

Assuming the Assessed Value is sufficient, we prefer to use your Assessed Value for a Home Equity loan. However, when the Assessed Value is not high enough, you may elect to have your home appraised (at your expense).

If a Home Equity Loan is for $100,000 or above, or if the appraisal is over one year old, an updated appraisal must be ordered. Also, if any number of Home Equity Loans combined equal $100,000 or more, an appraisal must be ordered.