The level of equity homeowners have is at an all-time high. According to the U.S. Census, over 38% of owner-occupied homes are owned free and clear, meaning they don’t have a mortgage. Those with a mortgage are seeing their equity skyrocket too. Every time real estate values increase, homeowners get a dollar-for-dollar gain in their home equity.This surge in home equity has given most homeowners the opportunity to use that equity in one of two ways:

1. Refinance to cash out some of the equity or lower their current payment.
2. Move to a home that better fits their current needs.