Posted on: 04th Feb, 2010 07:26 am
If I cash out 15,000 or 20,000 equity in my home, will my mortgage payments go up? My loan balance is 159,000 but my home is worth 187,000. How does this work? Thank you.
you will be limited to 85% of the value of the home for your maximum loan amount. that tells me that you're already maxed out with your $159K balance.
