rocket mortgage home equity loan

Home Equity Loans: A Complete Guide Ro…. Rocket Mortgage will allow you to borrow around 90% of the equity in your home. To figure out the amount you could obtain through a home equity loan, you’d determine your loan-to-value ratio. To do this, subtract the remaining balance of your primary mortgage.

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Rocket Mortgage has a minimum loan amount of $45,000 ($61,000 in Iowa) for home equity loans. The maximum loan amount is $350,000..

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So, if your home was worth $350,000 and you can borrow up to 85%, that would be $297,500. Let’s say you still owe $200,000 on your mortgage. $297,500 $200,000 = $97,500. In this case, you’d likely be able to borrow $97,500 for home.