First, let's check if you have enough equity in your home to consolidate your debts. You'll need at least 20% equity to proceed with refinancing.
This should be the current market value of your property
The amount you still owe on your mortgage
Your LTV
0.0%
Your Equity
$100,000.00
Available for Refinancing
$20,000.00
Your LTV of 0.0% exceeds the 80% maximum. You need at least 20% equity ($80,000.00) to refinance.
LTV (Loan-to-Value) ratio is your mortgage balance divided by your home's value. Most lenders require an LTV of 80% or less for refinancing, meaning you need at least 20% equity in your home.