Use this worksheet to determine the home equity line of credit amount you may qualify to receive.

The line of credit is based on a percentage of the value of your home. The more your home is worth, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgages you might have. This includes first mortgages, second mortgages and any other debt you have secured by your home.

Step 1:

Determine what your home is worth.

Estimate the Fair Market Value of the property that will be used to secure your loan. Looking at recent sales of similar homes in your market would prove helpful as well.

Step 2:

Calculate the maximum you can owe on your home.

For a standard equity loan or line on a 1-4 family owner occupied residence, multiply the amount in Step 1 by 80% (.80).

Step 3:

Determine the amount of available equity you may have in your home.

Enter the balance owed on your first mortgage if not being paid off with this request.

Final Step:

Subtract the amount in Step 3 from the amount calculated in Step 2. This is the approximate amount of equity remaining in your home.

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Contact a CenterState Bank Lender today!

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