Business Terms and Jargon Explained

What is Equity Line

Is the same as equity loan.  It is the amount of credit you can get on your property or properties.

 This collateral based credit line is calculated on the bases of the appraised value times a percentage (let say 75%) and then deducts the amount outstanding on mortgages and other loans on the property.

Appraised value  = 200,000

75%
 
 = 150,000

Less outstanding mortgages ,loans

 = 70,000

Credit line

 = 80,000

   There are other factors that will affect your equity line and equity rates e.g.

  • Ability to pay

  • Income

  • Current debts

  • Financial accountability

  • Financial responsibility

  • Credit history

  • Age of mortgage

  • Partners

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Term created / updated 2006-03-28 10:29:31

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