Example of a Home Equity Line of Credit
Appraised Value of Home = $210,000.00
1st Mortgage of = $150,000.00
Equity in this home is = $210,000.00 - $ 150,000.00 = $60,000.00
Home Equity Loan = $60,000.00
We can go to 100 % loan to value if needed or even 125% loan to value on a Home Equity Line of Credit. Another important note is that the higher loan to value you go, the higher your interest rate will be.
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