Comprehensive source of free online mortgage loan and line of credit calculators
Advice Corner
Mortgage Terms - Defines the common terms related to mortgage finance
8 Mortgage Mistakes to Avoid
Mortgage Approval Process - Lays out the process for obtaining mortgage approval
Mortgage Foreclosure Scams - Beware of Con Artists
8 Tips for Avoiding Home Foreclosure
Foreclosure Causes
HOPE for Homeowners (H4H) Mortgage Refinance Program
Financial Crisis: How Did We Get Here?
Line of Credit Calculator
Use this calculator to determine how big a
home equity line of credit
you may qualify to receive. The line of credit is based on a percentage of the value of your home or your real estate value - home value. The more your home is worth, i.e., the higher the home value, the larger the line of credit. Of course, the final line of credit you receive will take into account any outstanding mortgage loans you might have. This includes first mortgages, second mortgages, and any other debt you have secured by your home.
Line of Credit Calculator - Definitions
Appraised value of your home (home value)- This is current appraised value of your home or property - the home value. If it has been a few years since you purchased your home, the current home value may be worth quite a bit more than your original purchase price.
Mortgages you owe - This is the total of all outstanding mortgage loans on your home. This should include your first mortgage, second mortgages and any other debt that is secured by your home.
Loan to value ratio - The loan to value ratio is the percent of the appraised home value that your lender will allow. For example, a 80% loan to value ratio would allow you to have $80,000 in debt secured by an appraised home value of $100,000. Remember - the total debt allowed includes all outstanding mortgages plus your new