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Mortgage Market Update
My Mortgage Company
Rene Montano
Tuesday, November 3, 2026
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Your home equity explained |
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Hey there—I wanted to share something that comes up a lot in conversations with homeowners: what equity really is, and what it can mean for your financial picture.
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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 Basics
What your home equity can do for you
If you've been paying your mortgage for a while, you've likely 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. Some people tap into it to pay for home improvements, cover major expenses, or consolidate debt. Others leave it alone and let it keep growing. The right move depends on your goals and comfort level. The key is understanding what options exist so you can make a choice that fits your life, not someone else's timeline. If you're curious whether your equity could work for you, I'd love to walk through your options.
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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
Rene Montano
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