Finance
A New York homeowner with a $600,000 home and a $200,000 first mortgage can borrow against the equity through a home equity line of credit (HELOC). The maximum loan amount a lender would consider (at 80% CLTV) is:
A$80,000
B$280,000✓ Correct
C$480,000
D$200,000
Explanation
Max CLTV = $600,000 × 80% = $480,000 total debt. Existing mortgage = $200,000.
Related New York Finance Questions
- In New York, 'PITI' refers to the four components of a monthly mortgage payment, which are:
- In New York, 'private placement' financing for large commercial real estate projects often involves:
- In New York, a 'construction loan' is typically converted to a:
- New York City's 'mansion tax' applies to residential purchases at or above:
- A balloon mortgage requires:
- In New York, a 'mortgage satisfaction' must be recorded by the lender within how many days of receiving full payoff?
- The STAR (School Tax Relief) program in New York provides:
- In New York, 'mortgage assumption' allows a buyer to:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →