You've probably heard that you need at least 20 percent equity-or an LTV of 80 percent or less-to get a conventional loan to refinance your mortgage.
The loan-to-value is the ratio between the value of the loan you take out and the. the property, and so your LTV will be 80% since 240,000 = 80% of 300,000.
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The loan to value ratio is utilised by financiers to assess risk. It’s essentially the loan figure, in comparison to the value of the property or car, expressed in percentage form. 80% loan to value is used as a threshold to determine the amount of risk for financial lenders. 80% or less is considered to be reasonable.
Most lenders will approve you for a home equity loan with a loan-to-value ratio up to 80 percent, or slightly higher for a HELOC. You can use a home equity loan for just about anything, but that.
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