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When planning renovations, a home equity line of credit may be just what you’re looking for if you have the available equity in your home. The formula to determine equity is the appraised value of your home minus the mortgage balance. Most financial institutions will lend up to 85-90% loan to value.
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https://www.superiorcu.com/about/news/blog/superior-blog/2020/01/31/getting-a-loan-101
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