Sentences with phrase «owed on the existing mortgage»

Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the appraised value of the home and subtracting the balance owed on the existing mortgage.

When subtracting the amount that is still owed on the existing mortgage ($ 250,000) leaves a maximum «cash - out» amount of $ 47,500 (less closing costs).

If you want to borrow additional funds using your home as security, depending on certain factors (including the additional amount you want to borrow, the current amount owing on your existing mortgage and the value of your home), you may need to pay fees to discharge your existing mortgage and register a new one.

Applicants are typically approved based on a percentage of their home's appraised value and then subtracting the balance owed on your existing mortgage.

The process involves refinancing your home for more than you owe on the existing mortgage.

Many home equity lenders determine the equity with which you have to work by taking a percentage (e.g., 75 %) of the home's appraised value and subtracting from that the balance owed on the existing mortgage.

Lenders approve applicants for a specific amount of credit based on taking a percentage of their home's appraised value and subtracting the balance owed on the existing mortgage.

With cash - out refinancing, you get a new mortgage for more than is owing on your existing mortgage.

Not exact matches

To qualify for modification of your mortgage under this government plan, you must owe less than $ 729,500 on your existing mortgage, and your mortgage must have been written prior to January of 2009.

If the homeowner has 50 percent equity in the home, that would mean she also owes $ 150,000 on an existing mortgage.

A mortgage customer who already has their loan closed and is currently being serviced can often elect to apply a lump sum of money against their existing principal balance and, rather than simply reducing what they owe on the loan, they end up with a reduced monthly payment.

This would include the amount you owe on your mortgage and any existing home equity financing debt.

He will owe roughly $ 1,005,000 on the remaining mortgage balance and his existing 30 year term policy has him protected.

For example, let's say you owe $ 100,000 on an existing mortgage.

False: As long as there is sufficient equity in your home, you may be eligible for a reverse mortgage loan, even if you still owe money on your existing mortgage.