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What is the norm for debt to equity in a refinace? - The Bills.com Blog
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What is the norm for debt to equity in a refinace?
Wednesday, Mar 25, 2009
Question: What is the norm for debt to equity in a refinace?
Answer: Sure, you are asking about the LTV, or Loan-to-Value ratio that home loan lenders use to describe the amount of equity you have in your home. Currently lenders want you to have at least 10% equity (90 LTV) in your home, and if you are looking to consolidate debt or get cash from your refinance, you'll need to have at least 15% equity (85 LTV).We have some great calculators on the site to help you figure out
your LTV and other factors of your refinance.
bills.com/calculators/
You can also apply for a loan
bills.com/calculators/
You can also apply for a loan
or a refinance if you like and see if you get qualified here:
Mortgage Refinance Quote
Thanks for your question!
Mortgage Refinance Quote
Thanks for your question!
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1. Posted by Hayes on Sunday 9th August 2009 02:37
I own my home and two vehicles. They are paid for. I need a loan for 10000$ to pay backed child support. I have no income. I plan to sell my house and use the money to pay back the loan and buy another home. I need cash now but can't get a loan without income. I have @ $170,000 in equity? Is there any way to borrow the money I need?
2. Posted by Bill on Monday 10th August 2009 11:40
I can't think of a legitimate lender who would give someone with no income in your situation a $10,000 loan. The $170,000 in equity is nice collateral, but in this market many homes have seen more than $170,000 in equity evaporate. Any readers have suggestions?