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The “formula” for determining your equity is quite simple. First, determine (or effectively estimate) your home's fair market value (FMV). Next, subtract the balance of your first mortgage loan. The difference equals your equity in the home. For instance, if your home is worth $250,000 and your first mortgage is $100,000, your equity is $150,000. The size of the loan you can get will be based on the following –
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Mary White |