With home equity loan rates declining, now could be a smart time to borrow for homeowners. lerbank/Getty Images

Around 76%. That's how much home equity the average homeowner would maintain in their house should they decide to borrow $75,000 worth of equity right now.

With the average home equity level sitting at $313,000 currently, a home equity loan in the amount of $75,000 comes with multiple advantages. For starters, a loan in that amount can cover a wide range of expenses, both large and small. And with the average homeowner having about four times that amount of home equity, owners won't have to worry about overleveraging themselves or their home (which functions as collateral here).

And, after the Federal Reserve issued another interest rate cut last week, home equ

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