2007-02-12 15:30:26 · 4 answers · asked by Tiny Jr. 3 in Business & Finance ➔ Renting & Real Estate
yes. one of the different variables lenders look at is the amount of equity. more specifically, its the loan-to-value ratio. if you need a loan amount of $80,000 and your home is worth $100,000, then the loan-to-value ratio (LTV) is 80%. The LOWER the percentage the better. The LTV you can get approved for depends on your credit, your debt ratio (monthly debts compared to your monthly gross income), mortgage payment history, and more. hope this help.
2007-02-12 15:39:52 · answer #1 · answered by abcdgoodall 4 · 1⤊ 0⤋
Yes indeed. Banks look at the value of the home as determined by an appraisal and the amount of the loan that you're asking for. The more equity you have the smaller the loan in relation to the overall value. Banks prefer to lend no more than 80% of the appraised value of the home.
2007-02-12 15:41:31 · answer #2 · answered by Santal 3 · 0⤊ 1⤋
Instead of refinancing, you may be interested in a new program that builds equity fast, and will help you payoff your home in less than half the time without refinancing, and without extra payments. I am currently using the program for my own mortgage. It is saving me thousands in interest, and pays off home in less than half the years. E-mail me if interested.
2007-02-13 00:07:24 · answer #3 · answered by marshae 1 · 0⤊ 0⤋
yes. If you want more info on refinancing your home. go to
www.dotheloan.com
2007-02-12 16:45:56 · answer #4 · answered by celia s 1 · 0⤊ 1⤋