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A: Why use a Connecticut Mortgage Broker?
Connecticut Mortgage brokers.
Apply for a Connecticut Home Equity Loan
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Calculation Worksheet (Examples)
| 1. Calculate the total value of both properties |
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| Purchase price of new property |
$_________________ |
| Value of current house, as appraised |
$_________________
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| TOTAL VALUE OF BOTH PROPERTIES |
$_________________ |
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| 2. Calculate the total Loan to Value (LTV) |
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| Total value of both properties from above |
$_________________ |
| Calculate the max loan using specific program LTV |
..___________max 80% |
| TOTAL OUTSTANDING COMBINED LOANS |
$_________________ |
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| 3. Calculate the maximum loan for new property |
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| Total combined loan from above |
$_________________ |
| Subtract existing loan on original house |
$_________________ |
| TOTAL LOAN AVAILABLE FOR NEW PROPERTY |
$_________________ |
| (must not exceed 100% of new property) |
Benefits are (1) no add-on to a Dual Property Loan; (2) one loan, one closing; (3) the loan can be recast so that the new payment will reflect the reduced balance.
Borrower must pay for two (2) appraisals and two (2) attorney fees as the attorney is recording one (1) loan but encumbering two (2) properties.
Contact us if you want to use this solution or you need more information.
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