A few years ago, you purchased a home for $81700. Today, the home is worth $100200....
A few years ago, you purchased a home for $81700. Today, the home is worth $100200. Your remaining mortgage balance is $62843. Assuming you can borrow up to 80 percent of the home's current value, what is the maximum amount of cash you could borrow in a cash-out home refinancing?
Homework Answers
Current Value of Home = $ 100,200
Borrowing limit = $ 100,200 x 80% = $ 80,160
Amount already outstanding of mortgage = $ 62,843
Therefore maximum amount that could be borrowed = $80,160 - $62,843 = $17,317
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