How 2 solve for potential amount of credit available for home equity loan?

November 30th, 2007 | by admin |
Richardsbabygirl asked:


Here is the problem: Ramon owns a home that was appraised for $132,600. The balance remaining on his existing mortgage is $43,260. 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?

Bradley
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    1. 3 Responses to “How 2 solve for potential amount of credit available for home equity loan?”

    2. By Gregorio on Dec 1, 2007 | Reply

      $49,560 minus fees.

      Have Ramon call me! :)

    3. By lillian on Dec 3, 2007 | Reply

      The site you might try next time.

    4. By sunshine on Dec 4, 2007 | Reply

      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.

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