A home equity loan or home equity line of credit (HELOC) is only as useful as the amount of equity you have built into your home. Subtracting how much you still owe on your home from the value of your home is generally referred to as your equity. Your Loan-To-Value ratio, or LTV, is determined by this calculator by dividing the combined outstanding mortgage balances by the current home value.

Lenders usually prefer to see more than 20% equity available (less than 80% LTV) to borrowers wanting a home equity loan or line of credit. Using this calculator can help you estimate your equity before applying with a financial institution. 

Keep in mind, the value of your home is usually confirmed with an appraisal by the lending institution.

Home Equity/Manufactured - Park Model Rates

Table comparing different rates
Effective date: August 9, 2023 APR** Months Periodic Rate Range
Home Equity Loan 8.50% - 10.50% *Up to 240 Months 0.023288% to 0.028767%
Home Equity Fixed For Five Years 8.50% - 10.00% 0.023288% to 0.027397%
Plus Line - Variable Rate Terms 8.50% - 10.25% 0.023288% to 0.028082%
Plus Line - Fixed Rate Terms 8.75% - 11.25% 0.023973% to 0.030822%
Manufactured - Park Model 8.50% - 10.00% 0.023288% to 0.027397%

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