Savings Corner

APRIL 4, 2024

You can use your equity to renovate some rooms, pay off credit cards, cover college tuition, start your own business … or almost anything else. Here’s how to calculate the equity in your home. Combined loan-to-value ratio (CLTV) Lenders calculate your CLTV or combined loan-to-value ratio when you apply for a second mortgage.

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Savings Corner

APRIL 4, 2024

You can use this money for any purpose, including home remodeling , consolidating higher-interest debt , college tuition and other financial needs. Cash-out refinance example Let’s say you still owe $100,000 on your home, and it’s currently worth $400,000. That means you have $300,000 in equity. Caret Down Yes, in most cases.

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Savings Corner

DECEMBER 24, 2023

Monthly payment: Personal loans come with a fixed monthly payment that you’ll make over the life of the loan, calculated by adding up the principal and the interest. You might, for example, be offered financing by a home improvement store when you buy an appliance. Can anyone get a personal loan?

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Savings Corner

APRIL 4, 2024

Paying for college: You may find lenders who advocate paying college tuition via home equity, but this is a risky move. For example, if your home’s current fair market value is $500,000 and you owe $250,000, you have a 50 percent equity stake. Save for longer, or find a more affordable way to make them happen.

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