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Mortgage Market Update
My Mortgage Company
John Schaff
Tuesday, November 3, 2026
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Tapping into the equity you've already built |
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Hi there. I wanted to touch base about something that often gets overlooked: the real asset you're creating just by owning your home.
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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 & Borrowing
You might have more borrowing power than you think
As a homeowner, you're building equity with every payment you make. That equity can become real money when you need it—whether for home repairs, education, or other major expenses. Many people don't realize they can tap into that equity through a home equity line of credit or a cash-out refinance. The key is understanding how much you've built up and whether borrowing against it makes sense for your situation. If you've owned your home for a few years, it's worth a conversation. I can walk you through what options might be available and whether the numbers work in your favor. Let's talk about what your home equity could do for you—reach out anytime.
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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
John Schaff
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