Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The current market value of a home is $220,000 with a mortgage balance of $120,000. If the lender requires a 75% loan to value ratio,

image text in transcribed

The current market value of a home is $220,000 with a mortgage balance of $120,000. If the lender requires a 75% loan to value ratio, what is the home equity credit limit on this house? $45,000 $75,000 $100,000 $55,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance For Food Towards New Agricultural And Rural Finance

Authors: Doris Köhn

1st Edition

3662568659, 978-3662568651

More Books

Students also viewed these Finance questions

Question

Describe how to make guests and guestrooms secure.

Answered: 1 week ago