MONEY TALK
SUMMER 2022
PRESIDENT’S MESSAGE
A. Scott MacKnight, CEO/President When the weather gets warmer in New England, it’s time to get outside and enjoy our beautiful outdoors! Whether you’re on Newfound Lake, at Hampton Beach, or hiking Mount Washington, Triangle has the financial education resources to fit your lifestyle. We understand that your life is busy, and you can get information anywhere. We want to be your informational hub and offer materials for you to watch, listen, and read—so whether lounging at the lake or climbing through a cavern, you’ll have what you need to navigate your financial future. For members who prefer audio, I encourage you to subscribe to the Making Money Personal podcast. With over 15,000 downloads, our episodes cover everything from how to use your home equity, to how to build your business with social media.
We release weekly money tips and monthly full-length episodes that feature expert guests discussing lifestyle and finance topics. Triangle’s YouTube channel is growing and quickly becoming a viable channel for viewers to find many videos covering topics like new homeownership, how to pay down debt, and how to make a remote deposit. You can also find recorded webinars on-demand and pre-recorded sessions of Conexion Latina con Triangle, our monthly online meeting and panel discussion for our Spanish speaking members. For our readers, check out triangleuniversity.org, which is home to our blog with multiple finance-related categories, plus links to our podcast, YouTube channel, and information on all the events where we connect with our community. Enjoy all that summer brings you,
A. Scott MacKnight
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WEBINARS & WORKSHOPS AUGUST • Conexion Latina (Spanish Webinar) SEPTEMBER • Conexion Latina (Spanish Webinar)
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• Comprador de Vivienda por Primera Vez
Apply for a Home Equity Line of Credit
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NO EQUITY IN YOUR HOME? THINK AGAIN. Homeowners: The New Hampshire housing market is still very healthy, so now is the perfect time to tap into the financial power of your home.
Visit TriangleUniversity.org/events for dates, times, and registration.
Financial institutions extend credit based on a percentage of the estimated market value of your home called Home Equity Lines of Credit (HELOC). To determine the value available, calculate the Loanto-Value (LTV) percentage and deduct the amount owed on the first mortgage (plus any 2nd or 3rd mortgages, if applicable). Triangle offers two HELOC options, and here is how they work. The following chart depicts two home equities (an example with 80% LTV, the other 100% LTV)—both using an estimated home market value of $400,000.
Estimated Market Value: Percentage LTV: Percentage of Market Value: Less Mortgage Debt:
80% Loan to Value
100% Loan to Value
$400,000
$400,000
80%
100%
($400,000 x 80% = $320,000)
($400,000 x 100% = $400,000)
$320,000
$400,000
$120,000
$200,000
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Equals Total Equity Available
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$120,000
$200,000
to Borrow:
With multiple uses, such as debt consolidation, tuition, home improvements and more, HELOCs are a great resource of financial power for homeowners. If you would like additional information on Triangle’s home equity products and LTV options, select Mortgages at trianglecu.org or email newmortgages@trianglecu.org.
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