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what is my percent of equity if I owe $148000.00 and zillow says my house is worth $220.000?

Needed info for possible refi
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November 11 2010 - Apple Valley
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You would divide the mortgage balance into the estimated appraised value. A Realtor could do a free market analysis. If you are refinancing the zillow estimate is unrelated. The lenders apprasial wil determine your equity position and loan to value. If you do not have a 2nd mortgage and your home appraises at 220k equity will not be a concern. Thank you
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March 26 2012
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Since you posted in 2010, I hope you got your refi done and got a low rate.
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August 13 2011
Why are you using zillow for your refi? It would be a good idea to pay a few bucks for an appraisal, the lender may require it anyways. What is the address of your home in Apple Valley, CA?[hotlink removed by Zillow moderator] 
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August 13 2011
Sorry Clay - I meant to focus on the issue of using Zillow's estimate for value, not the product itself.  At some point the LTV on a 10yr loan will impact the pricing in a negative way.

Dotman - Clay is pointing out that my comment referenced the fact that 60% LTV is the typical break point for "best" pricing on a conventional loan, and that it doesn't apply to your 10yr product.  I'll bet the price is different if the LTV is 90%.
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November 11 2010
30 Yr conventional loans have price adjustments for your fico score and loan to value where 15 year or lower term loans do not have those adjustments. In other words, if you have a 660 score and 75% Loan to value it would cost 2 points but a 15 year, 10 year would not have any adjustment. At 60% or less loan to value on a 30 Yr pays a premium of .250 for fico scores of 700 or higher but a 15 or 10 Yr does not pay that premium. 
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November 11 2010
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Clay, please expand on the 60% benchmark comment.
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November 11 2010
You also need to consider that Zillow's Zestimate may not accurately reflect your homes current value. It may be higher or lower.

I'll be happy to provide you with DataQuick Comps at no charge, if you contact me personally with your address. This will provide a better estimate of value. Although, an appraisal is what lenders will base their decision upon.

Happy funding, Rudi
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November 11 2010
They are doing a 10 Year loan so the 60% benchmark for best rates does not apply.  
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November 11 2010
dotman614 - your calculated LTV by using Zillow's estimate of value is pretty much worthless.  It may be correct and it may not be correct - you won't know for sure until you pay the non-refundable appraisal fee to your lender.  The Home Value Code of Conduct law really messed this up for consumers - in the old days I'd just call  up my favorite appraiser and ask him or her what the "ballpark" value was for Mr. Dotman's home.  If the figure was bad then you saved the cost of a full appraisal report.

Zillow may in fact be correct but I certainly wouldn't base your expectations for refinancing upon their estimate - particularly because the price you pay for your loan will be impacted by the LTV.  Best rates are for 60% LTV or less with fees increasing as LTV increases.
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November 11 2010
You should be fine.
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November 11 2010
Considering just the LTV then you should be able to get this done. Obviously other factors will be taken into consideration.
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November 11 2010
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yes, yes I wanted the LTV for refinance.  I have 15 year 4.75 fanny mae loan now and was thinking about refinancing into 10 year 3.50. With the LTV figured by Ben enough for refi?
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November 11 2010
Your equity percentage is 32.% and your loan to value is 67.3%.
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November 11 2010

@wetdawgs

I agree with what you wrote and wanted to answer that there is 33% equity but the trouble is it can be misleading. I made the assumption that dotman was interested in what LTV he should use when looking into refinancing and used that number for the purpose of refinancing. I probably should have clarified. Thank you for addressing it though as I probably shouldn't have assumed.

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November 11 2010
Your equity position is 32.7%. 
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November 11 2010
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Assuming the Zestimate is the true appraised value (consider +/- 20% is most likely) Your equity is 220 - 148= 72  therefore,  72/220 = 33%.
  (You owe 67%)

It is VERY scary that two lenders got it wrong!

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November 11 2010
The percentage of equity is 67%,
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November 11 2010
148k / 220 k = 67.3% for the purpose of purpose of refinancing.
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November 11 2010
 
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