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How much money as additional equity would the borrower have

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Question - A borrower bought a home for $500,000 and has a $390,000 mortgage balance. She decides to refinance to get a lower rate, and unfortunately the bank appraisal values her home at $375,000. The bank requires a maximum of 70% loan-to-value ratio. How much money as additional equity would the borrower have to contribute to meet the bank's underwriting criteria if she refinances?

Reference no: EM132931050

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