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Mortgage Market Update
My Mortgage Company
Tom Rydberg
Wednesday, September 2, 2026
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Should you borrow against your home? |
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Hi there,
This week I want to talk about a tool many homeowners overlook until they really need it.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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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Smart Money
When it makes sense to tap your home equity
If you've built equity in your home, you have options. A home equity loan or line of credit can let you borrow against that equity for major expenses—repairs, education, consolidating debt, or other goals. The appeal is real: home equity borrowing often carries a lower rate than credit cards or personal loans because your home backs the loan. But it's not free money. You're putting your home at risk if you can't repay, and you're extending your debt obligation. The key is borrowing with intention—only when you have a clear plan to repay and a genuine need, not just because the money is available. If you're thinking about accessing your equity, I'd love to walk you through what makes sense for your situation. Reach out if you'd like to explore your equity options and what they might mean for your goals.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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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
Tom Rydberg
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