Thinking about moving, but mortgage rates or home prices are making you hesitate? There’s one number you need to know first: how much equity you have in your home.

The average homeowner with a mortgage has about $310,500 in equity nationally—and that equity could open up more possibilities than you think.

You may be able to use your equity for a larger down payment, reduce how much you need to borrow, make a cash purchase, or even renovate your current home.

Before you decide your next move isn’t possible, find out where you actually stand.

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