To determine the loan amount, lenders use the loan-to-value ratio (LTV), which is a percentage of the appraisal value of your home. The usual limit is 80 percent—or \$100,000 for a \$125,000 home (.805125,000). Lenders subtract the mortgage balance from that amount to arrive at the maximum you can borrow. Assuming your balance is \$60,000, the largest loan that you can obtain is \$40,000 (\$100,000-\$60,000=\$40,000). If you have a good credit rating, a lender might base your loan on more than 80 percent of the LTV; if you don't, you might get only 65 to 70 percent. While many lenders go to 100 percent of the LTV, interest rates and fees soar at these higher ratios.
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To determine the loan amount, lenders use the loan-to-value ratio (LTV), which is a percentage of the appraisal value of your home. The usual limit is 80 percent—or \$100,000 for a \$125,000 home (.805125,000). Lenders subtract the mortgage balance from that amount to arrive at the maximum you can borrow. Assuming your balance is \$60,000, the largest loan that you can obtain is \$40,000 (\$100,000-\$60,000=\$40,000). If you have a good credit rating, a lender might base your loan on more than 80 percent of the LTV; if you don't, you might get only 65 to 70 percent. While many lenders go to 100 percent of the LTV, interest rates and fees soar at these higher ratios.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
Debt Consolidation Information: The amount you save on debt consolidation may vary by loan. Since a home equity line may have a longer term than some of the bills you may be consolidating, you can't realize a savings over the entire term of your new line. In addition, your line may require you to incur premiums for hazard and, if applicable, flood insurance, which would affect your monthly payment reduction. Federally Guaranteed Student Loans shouldn't be consolidated because you'll lose important federal benefits.
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