Home equity lines of credit enable you to acquire cash based on the The majority of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Home equity lines of credit enable you to acquire cash based on the The majority of lenders extend home equity lines . If you have an of credit based on either 100% of your equity or some portion, usually 75% to 80% of your home's market value, whichever is existing mortgage on your home, most lenders will your maximum line of credit by the outstanding balance of that mortgage. You ▼ have Today your home is worth $200,000. The balance you owe on your mortgage is $85,000. Your equity is $ to sell your home in order to gain access to your equicy. According to your lending institution's policy, the maximum home equity line of credit is 80% of your home's worth. Eighty percent of your home's worth is $ described in the previous paragraph. Your line of credit will be $ Your lending institution follows the practice of most lenders as This line of credit is considered a loan that will be Home equity lines of credit enable you to acquire cash based on the The majority of lenders extend home equity lines . If you have an of credit based on either 100% of your equity or some portion, usually 75% to 80% of your home's market value, whichever is existing mortgage on your home, most lenders will your maximum line of credit by the outstanding balance of that mortgage. You ▼ have Today your home is worth $200,000. The balance you owe on your mortgage is $85,000. Your equity is $ to sell your home in order to gain access to your equicy. According to your lending institution's policy, the maximum home equity line of credit is 80% of your home's worth. Eighty percent of your home's worth is $ described in the previous paragraph. Your line of credit will be $ Your lending institution follows the practice of most lenders as This line of credit is considered a loan that will be
Expert Answer:
Answer rating: 100% (QA)
Step 1 1 equity in your home 2More 3decrease 4 do not 5 secured with an additio... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these mathematics questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
What are the concepts of traditional and contemporary organizational design? Will these designs be influenced differently by management and the environment?
-
For a binomial experiment with r successes out of n trials, what value do we use as a point estimate for the probability of success p on a single trial?
-
The radii of four different-sized ball bearings differ by 1.00 mm in radius from one size to the next. If the volume of the largest equals the volumes of the other three combined, find the radii.
-
Crush Autosmashers can purchase a new electromagnet for moving cars at a cost of \($20,000.\) At the end of its useful life, the electromagnet will be worth \($1,000.\) If Crushs MARR is 12...
-
The Shannon Community Kitchen provides hot meals to homeless and low-income individuals and families; it is the organizations only program. The Kitchen had the following revenue and expense...
-
Who is Tesla's auditor? Did Tesla's receive a "clean" (unmodified) audit opinion? How many critical audit matters were discussed in Tesla's audit report?
-
1. Are the four intrinsic characteristics the best ones to base the relationship performance measures for Donnell Truong Ventures? If not, what characteristics would be more suitable? In either case,...
-
What is the French paradox? Explain some of the possible explanations.
-
You accurately pointed out that as technology continues to evolve, we find ourselves in situations where it is clear that current laws do not adequately address privacy needs. Excellent example of...
-
Martha needs to cover the floor of her chicken house in cedar wood shavings. The house measures 235 feet by 93 feet and the shavings need to be 7 inches deep. The shavings are sold in 10 cubic feet...
-
Please identify two (2) concepts from Texting That Saves Lives video and briefly discuss how you can apply them in your home, work or school environment. Concept 1: I Concept 2:
-
You need to identify your redevelopment idea, any issues or constraints and opportunities or strengths on redevelopment of the site. You need to identify any potential ethical issues and limitations...
-
Scenario: Miss Ron is a Grade 1 teacher. She observes that Lesly is experiencing difficulty blending his letters and building simple three-letter words. Miss Ron goes to Lesly's table to assist him.?...
-
Prove it. curl B(r2) HoJ{r2), (8-51)
-
A red card is illuminated by red light. What color will the card appear? What if its illuminated by blue light?
-
Janie graduates from high school in 2012 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie's parents have AGI of $170,000, what is the American...
-
On February 2, 2012, Alexandra purchases a personal computer for her home. The computer cost $3,000. Alexandra uses the computer 80 percent of the time in her accounting business, 10 percent of the...
-
Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen,...
-
State whether you think a business would recognise the following as an expense. When would it be recognised? a Depreciation $350 b Wages to be paid in the next month $1200 c Electricity bill due to...
-
What is the difference between operating expenses and non-operating expenses. Give examples of each.
-
What is the link between the income statement and the statement of owners equity?
Study smarter with the SolutionInn App