LendingTree site shows consumers available home equity
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.