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Mortgage Market Update
My Mortgage Company
Scott John Millich
Tuesday, November 3, 2026
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Your home equity, explained simply |
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A lot of homeowners have equity building up, but aren't sure what it means or what to do with it. Here's the practical breakdown.
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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 & Leverage
What your home equity can actually do for you
If you've been in your home for a few years, there's a good chance you've built up equity—the difference between what your home is worth and what you still owe. That equity isn't just a number on paper. It can be a real financial tool when you need it. Some homeowners tap it for major expenses, renovations, or consolidating debt. Others leave it alone, which is fine too. The point is understanding what options are available to you if life happens. If you're curious whether your equity could work for you, I'm happy to walk through what that might look like—no pressure, no obligation. Reach out if you'd like to talk about your home's equity and what it could mean for your situation.
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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
Scott John Millich
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