Home Equity Loans Qualifications
How much equity do you have to have in your home in order to be eligible for a home-equity loan? Is it a minimum of 20%, and for example if you have a home worth $200,000 and you owe $160,000 but have $40,000 in equity, is that $40,000 useable towards your next home loan if you choose to put it down? Also, do you have a better chance qualifying for a second home mortgage if you put your first home as collateral with whatever equity you have in it? Or in order to place it as collateral do you have to have most of it paid off?
Thank you in advance.
Arthur Voskanyan