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How 2 Solve For Potential Amount Of Credit Available For Home Equity Loan?

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?

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This entry was posted on Sunday, May 10th, 2009 at 8:54 am and is filed under Home Equity Loan Q&A. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.


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3 Responses to “How 2 Solve For Potential Amount Of Credit Available For Home Equity Loan?”

  1. Deliah says:
    May 10, 2009 at 4:54 am

    There is a homework section of the site you might try next time.

  2. sunshine says:
    May 10, 2009 at 4:54 am

    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.

  3. Gregorio says:
    May 10, 2009 at 4:54 am

    $49,560 minus fees.
    Have Ramon call me! :)

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