Calculate the equity available in your home using this loan-to-value ratio calculator. You can compute LTV for first and second mortgages.
For the typical refinance, loan-to-value ratio also determines if you’ll need something like mortgage insurance, or if the lender will require extra protections. But, what is an LTV? Simply put, your LTV is the ratio of how much you owe on your current mortgage loan divided by the current value of your home.
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A maximum combined loan-to-value (CLTV) of 80%.meaning means after your cash-out refinance you must still have 20% equity in your house. A maximum debt-to-income ratio of 40-50% (Most lenders stop at 43%). All of your monthly debt obligations, including your new mortgage payment, must be less than 40-50% of your monthly gross income.
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Refinancing is the replacement of an existing debt obligation with another debt obligation. A loan (debt) might be refinanced for various reasons:.. HARP 2 no longer caps the loan-to value at 125%, and allows any loan-to-value acceptable,
FHA offers a competitive maximum loan-to-value ratio on its various refinance options. The Basics An FHA refinance involves paying off an existing conventional or FHA-insured mortgage with the proceeds from a new FHA loan.
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What is the maximum loan-to-value for an fha refinance loan? For non-streamline, appraisal-required FHA refinance loans that feature no cash back to the borrower, FHA loans rules state that the maximum mortgage for a no cash out refinance with an appraisal (credit qualifying) "is the lesser of the 97.75% Loan-To-Value (LTV) factor applied to the appraised value of the property or existing debt."
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Loan-to-Value Calculator .. or you’re concerned that you’re too far upside-down to refinance under the Home Affordable Refinancing Program, the loan-to-value ratio is important..
Like all VA loans, the program requires no mortgage insurance, even though any other loan type on the market requires it for loans with less than 20 percent equity. The VA cash-out loan is the only.
Keep in mind that while an 80 percent loan-to-value ratio may seem like a magic number that’s necessary to refinance, many homeowners obtain a new loan with a much higher LTV ratio. That’s.