1st post - How do I find my own home equity for HEL or HELOC?

1st post - How do I find my own home equity for HEL or HELOC?

Hello all.
This is my first post. Got Deans books a couple of weeks ago - they are the the real thing! Been reading and studying ever since. Also ordered the "Think a Little Different"
Developing first deal. Been out looking at properties. I have researched this site for answers to the following questions but have not found them yet.
Have been paying mortgage on our own home for almost 11 years. Bought for $93000 and refinancing twice which lowered the monthly but raised the original loan amount to $104000. Looking to HEL or HELOC for downpayment on first deal. Thanks to my wife our credit is excellent. We also have a $204 car payment (arggg!)
(1) How do we figure what the equity is in our home right now?
(2) How does refinancing effect equity?

We will not post here in the forums until we have researched answers so as not to waste peoples time. Thank you.



New in Real Estate

Looking for a mentor in the Chicago area. I am very excited about doing the business but I need help on where to start. I hope to be able to talk to someone that already has closed some deals in the market. I am taking notes from the book and trying to understand some of the language used in the real estate deals. Salute to all the people that posted with some very useful information, keep it coming and hopefully I can also contribute in the near future as I gain experienced in this great opportunity.
Thank You.