When you need cash for home improvements, debt consolidation, or a financial emergency, a home equity line of credit (HELOC) can save the day. If you don’t have time to waste, a no appraisal home equity loan can put cash in your hands faster. That means you can start putting the money to work right away.
Confused about how it works? Let’s look at what it means to get a HELOC without an appraisal, and where to find a reputable lender to work with.
Note: If your credit score is below 720, it is unlikely that you will pass the prequalification stage for most HELOC lenders. If your score is higher than 580, see our highest-rated HELOCs for fair credit. Below 580, look into home equity agreements as an alternative.
Table of Contents
The best no-appraisal HELOC lenders
Figure
Best Overall
Why it’s a good option
Figure offers a 100% online application and approval process, with HELOC funding delivered in as little as five days. You can borrow $15,000 to $750,000, with the option to redraw up to 100% of your credit line. Figure offers fixed and variable-rate HELOC options, with no traditional home appraisal required.
Here’s how Figure’s appraisal process works:
- An automated valuation model (AVM) analyzes recent home sales, public data records, tax assessments, and local market trends.
- The AVM uses the data it collects, along with information about your home, to generate a valuation in minutes.
You pay no traditional appraisal fee, and more importantly, you skip the wait for a professional appraiser to do an in-person assessment of the home.
| Rates (APR) | 7.45% – 16.15%* fixed |
| Loan amounts | $20,000 – $400,000 |
| Funding time | As little as 5 days |
| Max. LTV | Up to 95% |
Aven
Best Customer Reviews
Why it’s a good option
Aven‘s home equity cash fixed-rate HELOC allows you to borrow up to $250,000 against your home equity.
Aven’s automated appraisals offer the advantage of speed. Once approved, funding is typically available within three business days. That’s because Aven offers:
- A fully digital application process, with approval in as little as 15 minutes
- Valuations generated by an AVM
There are no prepayment penalties or redraw fees for Aven HELOCs.
| Rates (APR) | 6.99% – 15.49% fixed |
| Loan amounts | $5,000 – $250,000 |
| Funding time | 15 min approval; funds in as little as 3 days after signing |
| Max. LTV | Up to 89% |
PenFed
Why it’s a good option
PenFed Credit Union is a credit union anyone can join, and it may be on your radar if you want a home equity loan, no appraisal in person required. You can borrow $25,000 to $500,000, with a 10-year draw period and a 20-year repayment period. Interest rates are variable.
Qualified borrowers can get an automated valuation model appraisal and close in as little as 15 days through the HELOC Express program. Eligibility is based on:
- Your income
- Property type
- Credit history
- Requested HELOC amount
If you’re buying a home that you’re in the process of renovating, or you have solar panels on the property that you’ve financed, you won’t qualify for the HELOC Express program.
| Rates (APR) | 7.38% – 18.00% variable |
| Loan amounts | $25,000 – $500,000 |
| Funding time | As little as 15 days |
| Max. LTV | 80% |
Connexus Credit Union
Why it’s a good option
Connexus Credit Union offers home equity loans and HELOCs in most states, except for Hawaii, Texas, Alaska, and Maryland. The minimum loan amount is $5,000, and qualified homeowners can borrow up to 90% of their home’s value. In most cases, no traditional home appraisal is required.
Instead, Connexus uses automated valuations to determine what your home is worth. To apply for a home equity loan or HELOC, you’ll first need to join Connexus Credit Union. You can do that by making a $5 donation to the Connexus Association.
Here are a few more things to know about Connexus home equity loans and HELOCs:
- Home equity loan rates are fixed
- HELOC rates are variable
- You can choose a standard or interest-only HELOC
You’ll need at least 10% equity in your home to qualify.
| Rates (APR) | As low as 5.99% variable until October 1, 2026; 6.49% variable until April 1, 2027 |
| Loan amounts | $25,000 – $500,000 |
| Funding time | 2 – 6 weeks |
| Max. LTV | 90% |
Do you need an appraisal for a home equity loan?
Generally, yes; an appraisal is a requirement for a home equity loan or HELOC. Lenders need the appraisal to determine whether to approve you and how much of your equity you’re eligible to borrow. What’s not always needed is a traditional home appraisal.
That means an appraisal that’s done in person, by a professional appraiser. In place of a traditional appraisal, lenders may opt for:
- Automated valuation models
- Desktop appraisals
- Drive-by appraisals (also called exterior-only valuations)
Desktop appraisals are completed remotely by a professional appraiser, using a software program. Drive-by appraisals are what they sound like: valuation is based on the home’s exterior appearance only.
Lenders that offer an online HELOC no-appraisal option are typically using one of these appraisal methods or a combination of them to determine your home’s value.
How does a no-appraisal HELOC work?
Automated valuation models generate appraisals by collecting and analyzing several pieces of data. If you’re working with a lender that uses AVMs, information about your home is entered into the model, including its square footage, number of bedrooms and bathrooms, age, and property type. The AVM then analyzes that information to calculate a valuation based on:
- The property’s sales history
- Its current estimated tax value
- Sales history for similar properties in the area
The main advantage of getting an automated valuation is how quickly the process can be completed. Scheduling an in-person appraisal can take a few weeks, since you’ll need to allow the appraiser time to get to the property, complete a thorough walk-through, and write up an appraisal report.
You may, however, consider a traditional appraisal if:
- You’ve made improvements to the property that an AVM may not detect.
- The property has unique features that distinguish it from other homes on the market, such as an unusual location or design.
- Your local market is volatile.
In some cases, the lender may require an in-person appraisal and not give you the option for an AVM. This can happen if you’re seeking a larger loan amount or you have a lower credit score.
How quickly can you get a HELOC without an appraisal?
A typical time frame to get a HELOC or home equity loan may be four to six weeks. That includes time for the in-person appraisal to be scheduled, for underwriting to be completed, and for your funds to be delivered to you after closing.
With a fast no appraisal HELOC, on the other hand, it’s possible to cut the time down to a few weeks. Some top-rated HELOC lenders, like Figure and Aven, make funds available to you in as little as three to five business days once approved. That’s a huge plus if you need funds quickly to cover an emergency or make unplanned repairs.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Figure, Home Equity Line of Credit
- Figure, Home Equity Line FAQs
- Aven, Home Equity Visa Card
- Aven, Is an Appraisal of My Home Required?
- PenFed Credit Union, Home Equity Line of Credit
- Connexus Credit Union, Home Equity Loan
- Connexus Credit Union, Home Equity Line of Credit
About our contributors
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Written by Rebecca Lake, CEPF®Rebecca Lake is a certified educator in personal finance (CEPF®) and freelance writer specializing in finance.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.