Determine the HELOC 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 potentially would be (depending on, among other things, other debt you may have). Thus, any line of credit you receive will take into account any outstanding mortgages you might have as well as other debt. This includes first mortgages, second mortgages and any other debt you have secured by your home.
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 may prove helpful.
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).
Determine the amount of available equity you may have in your home.
Enter the balance owed on your first mortgage, and any subordinate liens, if these are not being paid off with this request.
Calculate remaining equity.
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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