Home Equity FAQs

Loan to Value (LTV) tells you how much equity you have in your property and helps you determine if a home equity loan is right for you, since most equity loans have different rates for different LTV levels. Calculate your LTV by dividing your mortgage balance by your property’s appraised value. For example, if you have a mortgage balance of $100,000 and your house is appraised at $150,000, your LTV ratio is 67%.

That means you have 100% equity in your home, which makes you eligible for home equity and mortgage loans. The loan you choose depends on your needs and how much you’d like to borrow. To explore your options, schedule an appointment today.

To process your application, you’ll need to provide:

• Last two years' tax returns. 
• Two most recent pay stubs.
• Proof of other income to be considered, such as Social Security, pension, rental income, child support, alimony, etc. (if applicable).
• Documentation of current mortgage balance. If there is not a current mortgage on your home, please provide your most recent property tax bill.
• Declaration page of your homeowner’s insurance and flood coverage insurance (if applicable)

The interest portion of your home equity loan may be tax deductible, similar to the deduction on a first mortgage. Check with your tax adviser for details.

Single-family dwellings, detached homes, townhomes, and duplexes can all be used as collateral. At this time, condominiums and manufactured housing are not eligible for home equity loans.