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Want to do a HELOC and I want to know how much we can get

We bought our home for $200k and our mortgage currently has $137k. House value is between $250 to $280k. How much can we get in this situation? I plan to do a HELOC. Will it work in this case? Do you need an appraisal to know the value of your home? by damian313 from Foresthill, California. Mar 31st 2022 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,396 contributions

Reach out to your local regional bank or credit union to see what they offer. You will probably not find one that goes over 80% LTV. Each lender will be different, you may need an appraisal with one where another will use automated valuation services to determine lendable value.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ 480-889-9000 - OR - 480-695-9300.

Mar 31st 2022
Dan Paladin (dpaladin)
#1 ranked lender in California - 757 contributions

Most lenders that offer Helocs will cap you at 80% of current value. Most offer a no cost appraisal if they require one. Local banks are best..I find that Comerica offers a very competitive Heloc and usually at minimal to no cost.

Apr 1st 2022
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