Accessing my equity
I'm not sure if this is the right forum for this, but I have 2 homes that were purchased on 20% conventional financing for $70k and appraised for $105 apiece, which gives me the below numbers:
| Purchase Price | $140,000 |
| Value | $210,000 |
| Down | $28,000 |
| Loan | $112,000 |
| Equity | $98,000 |
| @ 25% LTV | $157,500 |
| Cash available @ 25% LTV | $45,500 |
It looks to me like I have $45,000 in equity in these 2 homes that I would like to use for upcoming purchases. My questions are 2:
1) Are the initial appraisals a good proxy for cash out refi or HELOC appraisals?
2) What is the best way to access this money, if you would recommend accessing it at all?