|Current Equity in Home:|
|Current Appraised Value:||$300,000|
|Current Home Equity:||$180,000|
|Loan-to-Value Ratio (LTV):|
|Outstanding Mortgage/Current Value:|
|Current Loan-to-Value Ratio (LTV):||0.40 or 40%|
|Combined Loan-to-Value Ratio (CLTV):|
|Based on adding $75,000 home equity loan to current mortgage balance.|
|Combined Loan Amt/Current Value:|
|Combined Loan-to-Value Ratio (CLTV):||0.65 or 65%|
In the example above, based on the equity in the home, a home equity loan of $75,000 added to the existing mortgage loan balance of $120,000 would have a CLTV of 65%, which is within the maximum allowable CLTV of 80%.
*APR = Annual Percentage Rate. Rates as low as 3.74% APR for home equity loans with terms of up to 60 months. Appraisal costs are the responsibility of the borrower(s). PrimeWay home equity loans are available only in Texas. Maximum 80% CLTV. Certain credit criteria and restrictions apply.
Rates and terms are based on a combination of your earned credit score, the term you select, collateral, down payments, loan-to-value (LTV) position and other normal lending criteria. Acceptable property hazard insurance is required, as well as Flood Insurance if the property is in a designated flood zone.
You should consult your tax advisor regarding your possible tax implications. Rates are subject to change without notice.