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Updated over 10 years ago on . Most recent reply
Accessing my equity
I'm not sure if this is the right forum for this, but I have 2 homes that were purchased on 20% conventional financing for $70k and appraised for $105 apiece, which gives me the below numbers:
Purchase Price | $140,000 |
Value | $210,000 |
Down | $28,000 |
Loan | $112,000 |
Equity | $98,000 |
@ 25% LTV | $157,500 |
Cash available @ 25% LTV | $45,500 |
It looks to me like I have $45,000 in equity in these 2 homes that I would like to use for upcoming purchases. My questions are 2:
1) Are the initial appraisals a good proxy for cash out refi or HELOC appraisals?
2) What is the best way to access this money, if you would recommend accessing it at all?