How 2 solve for potential amount of credit available for home equity loan?
Friday, 20. August 2010
Here is the problem: Ramon owns a home that was appraised for 2,600. The balance remaining on his existing mortgage is ,260. Ramon’s credit union is willing to loan an amount up to 70% of the appraised value of a home. Based on this information, what is the maximum potential amount of credit that’s available to Ramon for a home equity loan?
lillian Says:
There is a homework section of the site you might try next time.
Gregorio Says:
$49,560 minus fees.
Have Ramon call me!
sunshine Says:
49k is correct. If he shops his loan with a broker they can probably get him 80% or more instead of 70%. I am a mtg. broker.