You can get a rough estimate of your available equity by subtracting all the debts secured by your home (i.e., your mortgage and any other home equity loans) from your home's estimated market value. For example, if the market value of your home is $300,000 and you owe $100,000, you have $200,000 in home equity.

You can get an estimate of your home's market value by reviewing recent sale prices of similar homes in your area. There are also helpful websites, such as zilllow.com and eppraisal.com, which provide estimates of home values.

Benefits of a Home Equity loan may include lower interest rates and potential tax savings. Since a home equity loan is a secured debt, the average interest rate is typically lower than what you'll pay on an average credit card or other form of unsecured debt. Home equity loans also offer potential tax savings as interest payments may be tax deductible. Consult your tax advisor as to the deductibility of your interest.

Your borrowing ability is determined by the equity you have in your home as well as other factors such as credit history. Use our Loan Amount Calculator to see how much you can qualify for.