Usually, yes. The lender needs to know what your home is currently worth to determine how much you can borrow. Some lenders offer “no appraisal” HELOCs for smaller amounts, but these typically come with higher rates or fees.

The appraisal process usually takes a week or two and costs a few hundred dollars. We’ll coordinate the appraisal and make sure the appraiser understands any unique features of your property that could affect its value.