How does the bank know if the amount I am asking for is in balance with the value of the home? Do I always have to get an appraisal?
When you request a loan and the amount that may be loaned is dependent on your homes value, some method of determining this will be used. Your home may have a formal appraisal done, a market analysis may be acceptable, the bank may determine its own value based on your square footage and the market (similar to a market analysis), or it may look at the taxable value in the public records. The method is based on the lender's policy. The full appraisal takes the most time and costs the most, but it is the most accurate measurement available.
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When you request a 