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What does Loan-to-Value Ratio (LTV) mean?

What does Loan-to-Value Ratio (LTV) mean?

Loan-to-Value Ratio (LTV) is a measure of the amount of the loan compared to the appraised value of the property. It is calculated by dividing the loan amount by the appraised value or purchase price of the property, whichever is lower, and is...

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How much can I borrow with a HELOC?

The amount you can borrow with a HELOC depends on factors such as the equity in your home, your creditworthiness, and the lender's policies. Typically, you can borrow up to a certain percentage (e.g., 80-90%) of your home's appraised value minus any...

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What can I use a HELOC for?

HELOC funds can be used for various purposes, such as home improvements, debt consolidation, education expenses, major purchases, or emergencies. It provides flexibility to access funds when...

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What is the draw period of a HELOC?

The draw period is the initial period (typically 5-10 years) during which you can access funds from your HELOC and make interest-only payments. After the draw period ends, you enter the repayment period, in which you pay back both principal and...

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