Sentences with phrase «simply estimating the value of the home»
If you opt for a loan insured by the Federal Housing Administration (FHA), the appraiser will need to go a step further than simply estimating the value of the home.
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The suggested fixes include capping loans at 65 per cent of the home value, introducing new and more conservative means of estimating how much a residence is worth, and amortizing the loans (meaning that borrowers would have to repay the principal within a certain time frame, as in a mortgage, whereas now they can simply keep paying interest on their HELOCs).
To calculate equity, one simply needs to subtract the amount due on the mortgage from the estimated value of the home.
The homeowner simply needs to know the estimated cost of the proposed improvement, the current value of the home, and the current amount owed on the home.