Home Equity Loan - How is amount available determined?

Answers:0   |   LastUpdateAt:2012-09-13 12:04:05  

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Joan
Asked at 2012-09-13 12:04:05
I'm looking at getting a home equity loan to consolidate debt . I just read that the banks will use the lower of the purchase price or the appraised value to determine the level of pay . Is this right , or actually uses the difference between the appraised value and what you owe on your mortgage? Does anyone know what interest rates are now looking for a person with poor credit ratings ?
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