Using the roof over one's head as collateral for sizable amounts of credit has become an extremely popular and efficient way to borrow. Equity is the difference between your home's appraised — or fair market — value and your outstanding mortgage balance. If you have equity in your home, borrowing against it might be a very effective way to get some things you need at a good price. This money can be used to pay for things such as: home improvements, medical bills, college tuition, and even extra spending cash.
Here is a formula to help you calculate the home equity you have available to you!
Your home's appraised (or fair market) value
- Your outstanding mortgage balance
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= Maximum Available Home Equity
Now that you know the amount of equity you have available in your home, call ditech at the toll free number shown above in order to unlock that equity.
If you would like, you can also use our ditech eAppraisalSM tool and figure out the value of your home and property.
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