The answer to your question depends on a number of factors. First of all, do you have any existing loans? A lender may not be willing to offer a second mortgage if you have a large first mortgage. On the other hand you might be able to do a cash-out refinance. Here are the major factors to consider: 1. Size of Loan: You can get up to 80% financing on a refinance (without mortgage insurance), however there are loan limits based on the geographic location your property is located in. This can range from $417,000 to $625,500 for a Fannie Mae or Freddie Mac conventional loan. If you need a larger sum, then you will need to look into a jumbo loan (or perhaps a FHA or South Dakota loan). 2. Loan to Value Ratio (LTV): In general you can get a conventional loan up to 80% LTV without mortgage insurance. Jumbo loans have stricter criteria and generally do not go over 70%. 3. Creditworthiness: The lender will look at your credit score, credit history, and debt-to-income ratio. FHA loans are available with lower credit scores (between 580-620 as the lowest credit score). Your debt to income ratio should be about 43% maximum, although a jumbo lender might require a lower limit, about 36% maximum. So, depending on your income and credit score a total LTV of about 70% would be $560,000. If you are in a high cost area, then you might be able to get a conventional loan up to $615,500 (or even higher if it is in a special area). I recommend that you read about conforming loan limits and then shop around to get a mortgage quote and pre-approval.
Your question is a little unclear. Are you asking how much you can borrow on your house, eg how much of your own equity you can "trade in" or take out for a loan? If so, the amount you can borrow against your house has nothing to do with the total market value or worth of your house, it has only to do with the amount of equity you have in the home. So if your house is worth $800,000 but you owe $800,000 or more on it (you can in these times owe more than the house is worth) then you have no equity in the home and cannot borrow against it. But if your house were worth $800,000 market value and you had equity in your home of $300,000, meaning you only owed $500,000 on the house, then you have $300,000 you can potentially borrow against -- however, any entity which gives you a home equity loan determines the loan amount, and they may not give you a loan for the entire amount of equity that you have in the home.
Kind of depends on how much equity there IS.
You can take out any equity you have in your property.
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