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Many lenders require borrowers to retain a minimum of a 20% possession stake in the residence – the distinction between its worth and any mortgages or loans nonetheless owed on the property – after the transaction is accomplished. For instance, say you wished to take a $30,000 mortgage against a home valued at $300,000. In order so that you can retain no less than a 20% equity stake ($60,000) within the residence after the new mortgage, the overall post-mortgage debt on the home would have to be lower than $240,000; subtracting the $30,000 mortgage from $240,000 means the prevailing mortgage on the house – prior to the mortgage – couldn’t be greater than $210,000.
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