How much equity do you have available to borrow?

The amount of equity available to be borrowed is not only based on an equity calculation, but also your past credit history.  For qualified borrowers, we will loan up to a maximum of 80% of the home's value minus the balance on the first mortgage for a Home Equity Line of Credit and up to a maximum of 80% of the home's value minus the balance on the first mortgage for a Closed End Home Equity Loan. 

For loan amounts $100,000 or greater an appraisal is required.  For those loans under $100,000, the State Equalized Value may be used in lieu of an appraisal.  If an appraisal is needed, the borrower will be responsible to pay for the appraisal upfront.

Calculation of Equity

Appraised Value                                      State Equalized Value
x up to 80%*                                           x 2
Less balance of 1st Mortg                        x up to 80%*
= Maximum Equity Available                    Less balance of 1st Mortg
                                                             = Maximum Equity Available

* - The Loan to Value Limit you can go up to will be based on certain credit worthiness and the home equity product that you select.