How Equity Benefits You With today’s affordability challenges, that equity can be a game changer when you move. Here’s why: based on data from ATTOM and the Census , nearly two-thirds (68.7%) of homeowners have either paid off their mortgages or have at least 50% equity ( see chart below ):
Americans Sitting on Tremendous Equity 68.7% Have Paid Off Their Mortgage or Have at Least 50% Equity
Mortgaged Homes with More Than 50% Equity Mortgaged Homes with Less Than 50% Equity Owns the Home Free and Clear
30%
38.7%
31.3%
Sources: Census, ATTOM
Bottom Line If you’re planning to make a move, the equity you’ve gained can make a big impact. To find out just how much equity you have in your current home and how you can use it to fuel your next purchase, let’s connect. That means roughly 70% have a tremendous amount of equity right now. Once you sell your house, you can use your equity to help you with your next purchase. It could be some (if not all) of what you’ll need for your next down payment. It may even be enough to allow you to put a considerably larger down payment on your next home, so you don’t have to finance quite as much. And, if you’ve been in your current house for years, you may have even built up enough equity to pay all cash. If that’s true for you, you’d be able to avoid borrowing altogether, so you wouldn’t have to worry about today’s mortgage rates.
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