HELOCs and "Full Appraisals"

[Shawn Costley]

Happy Holidays and New Year to everyone!  Hoping 2021 will be your best year ever!

I live in Huntsville, AL and I was notified by my credit union that I was approved for a HELOC on my personal residential property. I was then told that the amount to be approved would be "....pending a home appraisal."

I asked whether the appraisal would be obtained using an Automated Valuation Method (AVM), Broker's Price Opinion (BPO) or Full Home Appraisal. I was told it would be a Full Home Appraisal.

QUESTION:  Is the "Full Home Appraisal" for a HELOC the same/similar to a Home Inspection I would order prior to the purchase of investment property?  Any advice on how to best prepare?

For those living and/or financing in Huntsville, are there other banks or credit unions in the area that utilize AVM or BPO appraisal options?

Thanks!

Shawn