This calculator enables homeowners to estimate how large of a credit line they may qualify for given the appraised value of their home & any outstanding mortgage debt they have against the property. Various lenders allow borrowers to qualify for different Loan-to-Value (LTV) ratios. Lenders which allow borrowers to tap a higher percent of their home's value typically charge higher rates of interest to protect against the risk of default.
Prior to the passage of the Tax Cuts and Jobs Act (TCJA) of 2017 homeowners could deduct up from their income taxes interest on up to $100,000 in second mortgage debt. While homeowners can still deduct interest on up to $750,000 of first mortgage debt, interest on second mortgage debt (inclusive of home equity loans & home equity lines of credit) is no longer tax deductible.
Credit Line Qualification Calculator
Current Mortgage Rates
The following table highlights locally available current mortgage rates.