Question: The Lathrop family needs some extra funds to put their
The Lathrop family needs some extra funds to put their two children through college starting this coming fall and to buy a new computer system for a part-time home business. They are not sure of the current market value of their home, though comparable four-bedroom homes are selling for about $395,000 in the neighborhood. The Monarch University Credit Union will loan 75 percent of the property’s appraised value, but the Lathrops still owe $235,000 on their home mortgage and a home improvement loan combined. What maximum amount of credit is available to this family should it elect to seek a home equity credit line?
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