American homeowners are sitting on a historically large amount of home equity. Recent industry data puts total U.S. mortgage-holder equity at more than $17 trillion, with the average mortgaged homeowner holding well over $300,000, which makes home equity a meaningful financial asset and not only a number on a chart.
Figures from recent industry data.
Equity by itself isn't useful. Homeowners who treat it as a strategic resource rather than a savings account tend to make better decisions about when to tap it, how much to use and what to use it for.
If you've owned your home for several years, it's worth knowing your current equity position.
The number is often higher than homeowners expect, and the options it opens can change what's possible in the years ahead.
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A loan officer can estimate your equity position and show what it could fund, from a renovation to paying down debt. Pre-qualifying will not affect your credit score.
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