How to Check Your Home Equity Without Listing Your House
Wondering how much your home is worth without putting it on the market? You can find out in three simple steps, and none of them require a for sale sign in the yard.
What Home Equity Actually Means
Home equity is the difference between what your home is worth today and what you still owe on your mortgage. It is the part of your home you truly own. As you pay down your loan and your home’s value grows, that number grows too, often without you doing anything at all.
The Three Steps to Find Your Number
Step 1: Get your home’s current value. Look at recent sale prices for similar homes near you as a starting point, or ask a local agent for a more accurate read on your specific home and street.
Step 2: Check your mortgage balance. Pull your most recent mortgage statement and look for your remaining principal. If you have a HELOC or a home equity loan on top of your mortgage, add that balance in too.
Step 3: Subtract. Take your home’s value and subtract your total mortgage balance. What is left is your equity.
So if your home is worth $450,000 and you owe $250,000, you are sitting on $200,000 in equity. That is real money, even if you have no plans to sell.
Why Your Number Might Be Bigger Than You Think
The National Association of REALTORS recently projected that the typical homeowner will gain about $16,000 in housing wealth this year alone. That growth happens quietly, through years of mortgage payments and rising home values, which is exactly why so many homeowners are surprised when they finally run the numbers.
If you bought your home in Naperville, Aurora, Oswego, or Plainfield more than a few years ago, there is a good chance your equity has grown more than you realize.
What You Can Do With That Equity
You do not have to sell to put your equity to work. A home equity line of credit, known as a HELOC, gives you flexible access to funds as you need them. A home equity loan gives you one lump sum upfront with a fixed monthly payment. Homeowners use these funds for all kinds of things, from home repairs and upgrades to covering big expenses or consolidating other debt.
There is no single answer for how much equity you need before you can borrow against it. It depends on your lender, your loan program, your income, and your credit. A local lender can walk you through your specific options.
We Can Help You Find Your Number
If it has been a while since you checked in on your home’s value, we can help. Team Elite Realtors at Baird & Warner can run a free, no pressure estimate for your specific home, using real comparable sales in your neighborhood instead of a generic online guess. No commitment to list required.
Frequently Asked Questions
How do I find my home equity near me without listing my house?
You can request a free home value estimate from a local agent, then subtract your mortgage balance. This gives you an accurate, local number instead of a nationwide average that may not reflect your street.
Is a HELOC or a home equity loan better?
It depends on how you plan to use the money. A HELOC gives you flexible access over time, while a home equity loan gives you one lump sum with a fixed payment. A lender can help you compare both based on your goals.
Do I need a certain amount of equity to qualify for a HELOC?
Yes, most lenders require you to keep a minimum amount of equity in your home. The exact amount depends on the lender and loan program, so it is worth checking with a lender directly.
Will checking my home equity affect my mortgage or credit?
No. Getting a home value estimate or checking your mortgage balance does not affect your credit or your loan in any way.
Curious what your home is actually worth today? Let’s run the numbers together, no pressure and no obligation to sell. You can also start browsing homes anytime on our Zenlist search.
Ready to make your next move in the western suburbs of Chicago?
We are here to help you every step of the way, whether you are buying, selling, or just exploring your options.
Julia Corkey & Vickie Schoenfeld
Team Elite Realtors at Baird & Warner
630-286-9777 | [email protected] | www.homesbyteamelite.com
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