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Mortgage Market Update
My Mortgage Company
Rowley RV - PHX
Wednesday, September 2, 2026
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What to do once you've built home equity |
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We talk a lot about building equity, but the other side of that question matters too. Today I want to cover the practical moves available to you once you have 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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Home Equity 101
What you can do with equity once you have it
Building equity in your home is great—but it's only useful if you know your options. Once you've accumulated some equity, you can tap into it through a cash-out refinance, a home equity line of credit, or a home equity loan. Each works differently and makes sense in different situations: maybe you're funding a renovation, consolidating debt, or covering an unexpected expense. The key is understanding which tool fits your goal and your timeline. If you've been in your home a few years, this might be worth exploring. I'd be happy to walk through what's realistic for your situation and what it might cost. Let's talk about whether tapping your equity makes sense for you right now.
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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
Rowley RV - PHX
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