Search found 2 matches

by ChrissyH
Fri Jan 17, 2020 7:38 am
Forum: Home Loan Forum
Topic: Question about total mortgage after using equity for additional property
Replies: 2
Views: 64047

Re: Question about total mortgage after using equity for additional property

Thank you so much! I understand what you've said and this is great information.
by ChrissyH
Thu Jan 16, 2020 10:44 am
Forum: Home Loan Forum
Topic: Question about total mortgage after using equity for additional property
Replies: 2
Views: 64047

Question about total mortgage after using equity for additional property

I am trying to make sure I understand how equity works in terms of the final mortgage/loan repayments. Here's what I understand: My townhouse is currently valued at $590K. My outstanding loan is $348K, meaning I have $242K equity. 80% of my property's value is .8*590 = $472K, less the outstanding de...