Let’s say I bought a house in 2016 for 150k. I’ve paid down to 120k. I currently have 30k “in” the house. Since the housing market explosion, my house is now worth 250k.
Does the HELOC formula use the value of my mortgage or the value of the house to determine the credit line?
If your house is worth $250k, then 80% LTV = $204,000
204,000 – $120,000 (current mortgage balance) = $84,000 available for HELOC
Different lenders use different LTV percentages but 80% is common
>Does the HELOC formula use the value of my mortgage or the value of the house to determine the credit line?
HELOCs generally go up to 80% LTV.
So your current mortgage + whatever LOC they give you can add up to 80% (or 90 or 95% or whatever the lender’s LTV limit is) of your homes appraised value
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