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Home Equity Loans

A home equity loan is secured by a second mortgage on your primary residence in Vermont or New Hampshire.

It's sometimes referred to as a second mortgage, secured by your property like your existing mortgage.

This is a closed-end loan with a fixed interest rate for a specified number of years. The amount you borrow is payable to you in one lump sum and you repay the loan amount over the term, or number of years, you've selected for repayment.

Maximum Borrowing Amount

To determine how much you can borrow you first need to know the total equity in your home. The first step is to determine the value of your home. There are two ways to determine the value:

• Fair Market (Appraised) Value - determined by a professional appraiser
• Tax Assessment Value - determined by your property tax assessor

You can borrow up to 90% of the value of your home if you are using a fair market (appraised) value or up to 75% of the value of the home using the tax assessment value.

The benefit of using the tax assessed value is that it is a free cost analysis. Whereas a fair market value requires the paid employment of a professional appraiser.

If using an appraised value, the total maximum amount that can be borrowed is $200,000. If using the tax assessment value, the total maximum amount that can be borrowed is $150,000 when borrowing over 50% of the value of the home, or up to $200,000 when borrowing 50% or less of the value of the home.

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