Appraisal waivers do not seem to exist if the property value is $1M or more.
40% equity+ is generally the best pricing, so if the loan amount is below $600K, property estimate of $999K offers the best pricing AND a possibility of appraisal waiver.
The appraised value is ONLY used for the transaction.
In this situation, there is absolutely no benefit to pay for an appraisal whether the property is actually worth $1,000,001 or $10 million. It won’t change the pricing of the loan OR make it any easier to qualify.
An approval is an approval. There is no such thing as a stronger/better approval.
I’m sure you had to disclose other properties owned but if rental income is not needed to support them, then no tax returns should be needed.
For a cash out loan it is not the lenders business why you want the money, and many don’t ask.
If they do, the wrong answer is it will be used as leverage to create any additional debt.
Loan approvals are a silly puzzle that ALL pieces have to come together to be approved.
It can be easier for someone with crappy credit and no assets to buy a house with a 5% down payment than it is for someone with an 800 credit score and 50% with plenty of assets, Go figure. It’s a stupid system.
