Hello and welcome. Thank you for providing an opportunity to assist you.
The amount of money you can borrow when applying for a home equity loan is based on several factors including your home's loan-to-value.
In most cases, lenders allow you to borrow up to 85 percent of the equity in your home, which is calculated by subtracting the amount you still owe on the first mortgage from the appraised value of the home. Your credit rating, length of employment and ability to repay the loan are other things a lender consider before making a loan.
So, in your case, you will have to get your house appraised and from that appraised value, your owed amount will get deducted. You would be eligible for the quantum of 80-85% of that difference amount. Let me illustrate you by example.
If your appraised value of home is $500 and you still owe $350 to your first mortgage, you would be eligible for some 80-85% of the $150 difference.
I am sure this would help. I wish you good luck.
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