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Mortgage Market Update
Michael Medina
Michael Medina
Wednesday, September 2, 2026
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Your home equity: what you can do with it |
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Hi there. We've covered how much equity you've built—now let's talk about what you can actually do with 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
When it makes sense to borrow against your home
If you've owned your home for a few years, you're likely sitting on some equity—the difference between what your home is worth and what you still owe. That equity can be a useful financial tool when you need cash for big expenses: home repairs, education, consolidating debt, or other priorities. A home equity line or loan lets you tap that value without selling. The key is borrowing with intention and making sure the payment fits your budget. It's not free money, but it's often available at a reasonable cost if you've built solid equity and maintained decent credit. Whether it's the right move depends entirely on your situation and what you're using it for. If you're curious whether you have equity to work with and what borrowing options might look like for you, let's talk.
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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 Michael Medina team any time and we'll walk you through your options. |
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