LendingTree has added property valuation data to its My LendingTree site, showing consumers how much equity in their home they can tap.
There are over 5 million My LendingTree users who have an average home value of $310,000 and an average mortgage balance of nearly $178,000.
This translates into $132,000 of untapped home equity on average, the company said in a press release.
It partnered with Attom Data Solutions for the data used in the valuation product, a LendingTree spokeswoman said. The real estate data is combined with mortgage data from the user's credit report to create the home equity check-up product.
A survey conducted in March by TD Bank found that 35% of millennial homeowners are likely to apply for a home equity loan in the next 18 months, along with 15% of Gen-Xers and 4% of baby boomers.