Wednesday, February 8th, 2012 at
1:06 pm
Feb
08
presented the following data .determine the highest credit limit readily available on a home equity financial loan.?
ByQuestion by kimbry j: offering the adhering to info .decide the extent credit measure extent convenient upon the skill equity monetary loan.?
give the following report ,figure out the top credit measure extent permitted upon home equity loan.
market worth of home $ the hundred as well as twenty,000
highest% of worth seventy five%
balance due upon active morgage fifty five,000
Greatest reply:
Solution by Akbar B
The top is forty 5 thousand.
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3 Comments
February 8th, 2012 at 1:07 pm
Maximum loan total: $ 120,000 x 75% = $ 90,000.
Maximum equity loan: $ 90,000 – $ 55,000 = $ 45,000.
This should be in credit, not taxes.
February 8th, 2012 at 2:03 pm
$ 35k.
75% of $ 120k = $ 90k. $ 90k – $ 55k = $ 35k.
February 8th, 2012 at 2:52 pm
In your scenerio it would be $ 35,000.
However, a little banks will concede we to take up to 100% of a equity in your home in a form of a line of credit. The rate is higher, though a choice is there if it creates sense.
Good luck!