What does ‘value of property less outstanding mortgages’ mean?
mortgage
I need to fill out an application and they asked me that but what are they looking for?
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They want to know how much equity you have in the property.
Value of property is subjective. It could be based on a recent appraisal or if someone offered to buy it from you for a specific price. You can also ask a realtor to give you comparitives.
Less outstanding mortgages means that they want you to subtract from the “value of property” the amount that you still owe on it. If you have a second mortgate or line of credit you have to subtract those in addition to the original mortgage.
If you “own” a home, it isn’t really all yours until it is paid for…so if you have a house worth, say, $250,000 but still have $60,000 left to pay on your mortgage, the answer would be $250,000 minus $60,000…
Appraised Value of House – Balance on Mortgage = Equity