|
home equity case study
Jennifer and Nick lived in the
city. They bought a condominium a few years back and decided it
was time to move to the suburbs. They had two issues they needed
to tackle:
1. Most of the savings they wanted to use for a down payment on
the new house were tied up in the equity of their current home.
2. They were unsure if their current home would sell prior to the
anticipated closing on their new purchase.
| City
Home |
|
Suburban
Purchase |
| Value: |
$340,000 |
|
Price: |
$420,000 |
| Mortgage balance |
$285,000 |
|
Downpayment (5%) |
$ 21,000 |
| Equity |
$ 55,00 |
|
New Loan |
$399,000 |
| Selling cost (~7%) |
$ 23,800 |
|
|
|
| Available Equity |
$ 31,200 |
|
|
|
Chicago Financial Services quickly analyzed the situation, provided
a $30,000 HELOC (Home Equity Line of Credit) on their condo for
use as a down payment on their purchase and granted them an unconditional
approval to close on the new home even if their city condo was not
sold prior to closing.
For a quick, responsive and intelligent opinion about your mortgage
loan, please contact a mortgage consultant at Chicago Financial
Services.
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To fill out an online application, click
here, or to speak directly with a mortgage consultant,
please call us at 312.642.7979, or email us at
info@cfsmortgage.com.
A mortgage consultant will contact you within regular business hours. |
