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Mortgage Market Update
My Mortgage Company
Lynn Berry — Ryan Berry
Tuesday, November 3, 2026
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Home equity: what you should know |
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One of the smartest things about owning a home is that every payment chips away at your debt and builds your stake in the property. Here's what that really means for you.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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Source: Optimal Blue daily mortgage indices via FRED
Rates shown are national mortgage index rates and are provided for informational purposes only. Actual rates vary based on credit profile, loan amount, and market conditions. Please contact us for a personalized rate quote.
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Equity Building
What your home equity can do for you
As you make mortgage payments, you're building equity—the difference between what your home is worth and what you owe. Many homeowners forget about this asset sitting in their property. Depending on how much equity you've accumulated, you might have options: you could refinance to a better rate if the market has moved in your favor, tap into it for a major expense or home improvement, or simply let it keep growing as you pay down your loan. The point is, equity gives you flexibility. It's worth knowing roughly where you stand so you can make informed decisions about your financial future. If you're curious about what your equity position means for your situation, I'd love to walk through the numbers with you. Let's talk about what equity opportunities might be available to you.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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Have questions about how any of this affects your mortgage or home purchase? We're here to help — reach out to the My Mortgage Company team any time and we'll walk you through your options. |
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Your Mortgage Advisor
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My Mortgage Company
Lynn Berry — Ryan Berry
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