The amount you need depends on the number of units in the property, whether the loan is fixed or adjustable, and who backs the loan (Fannie Mae, Freddie Mac, the FHA, etc.).
The numbers are staggering and can throw you for a loop if you spend any time thinking about it.
Fortunately, there’s a resource many of us have that may help us climb out of the hole while spending less money on interest.
Meanwhile, your appraised property value has increased to $110,000.
To find your LTV, you take the unpaid principal balance and divide by the current value of your home.
Now that we’ve gone over how equity works, let’s get down to business.