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Mortgage Market Update
My Mortgage Company
Steven Carey
Tuesday, November 3, 2026
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What your home equity can do for you |
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Hi there. As homeowners, one of the smartest things you're doing is building equity every single month. But many people don't realize they can actually use that equity to their advantage.
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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
Your home equity is a financial tool—here's how to use it
As you pay down your mortgage, you build equity—the difference between what your home is worth and what you owe. That equity isn't just a number on paper. If you ever need cash for a big expense, home improvement, or consolidating debt, you may be able to tap into it through a home equity line or loan. The rates and terms available to you depend on how much equity you've built and your current financial situation. It's worth understanding what you have available before you need it. If you'd like to know roughly how much equity you've accumulated or explore whether a home equity option might work for your situation, I'm happy to walk you through it. Let's talk about your equity and what options might be available to you.
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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
Steven Carey
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