Refinancing For Home Improvements
You can subtract your current loan balance from the appraised property value to determine how much equity you have in your home. Eighty percent of your home’s value, in this case, is $240,000. When you refinance for that $240,000, you’ll get to keep the $40,000 as cash. Lenders generally allow borrowers to access around 80% of the home’s value, meaning they must leave about 20% equity in the home. For example, say your home is worth $300,000, and you still owe $200,000 on your current mortgage.
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