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Mortgage Market Update
My Mortgage Company
Lance Monson
Tuesday, November 3, 2026
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Do you know what your home equity could do? |
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A lot of homeowners don't realize how much financial flexibility their home has given them. Let me explain what I mean.
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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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Home Equity
Should you tap into your home equity?
If you've owned your home for a few years, there's a good chance you've built meaningful equity — that's the difference between what your home is worth and what you owe. Some homeowners use that equity to fund home improvements, consolidate debt, or cover major expenses. It's possible to access it through a cash-out refinance or a home equity line of credit. The right choice depends on your goals, how long you plan to stay in your home, and what makes sense for your financial picture. There's no one-size-fits-all answer, which is exactly why it's worth talking through your options before you decide. If you're curious whether tapping your equity makes sense for you, let's have a conversation.
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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
Lance Monson
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