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Appraisal Method
Borrow up to 90% of your property's appraised value, minus the
first mortgage balance. The appraisal must be less than 6 months
old at the time of closing. Maximum loan amount is $250,000 with
title search. Use the following example to determine your available
equity:
| Property Value: |
$200,000 |
| Less First Trust Balance: |
$160,000 |
| Equity Available to Borrow: |
$ 40,000 |
Tax Assessment Method
Borrow up to 90% of the tax-assessed value of your property, minus
the first mortgage balance. The tax-assessed value of your property
can be obtained by calling your local tax office or visiting their website. Maximum loan amount
is $250,000. Use the following example to determine your available
equity:
| Property Value: |
$200,000 |
| Multiply By 1.00: |
$200,000 |
| Less First Trust Balance: |
$160,000 |
| Equity Available to Borrow: |
$ 40,000 |
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