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Mortgage Market Update
My Mortgage Company
Fernando Radillo
Tuesday, November 3, 2026
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How much equity do you have now? |
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One of the best parts of owning a home is that your mortgage payment is building real wealth. I wanted to walk you through how that works and why it's worth paying attention to.
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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 Building
Your home is working for you every month
Every mortgage payment you make builds equity — the difference between what your home is worth and what you still owe. Over time, that adds up to real wealth sitting in your walls. The faster you pay down your loan, the more equity you own outright. Some borrowers find that making an extra payment or two per year, or rounding up their monthly payment, accelerates that process without feeling like a huge strain on the budget. Others refinance to a shorter loan term when rates or their financial situation allows. Knowing how much equity you've built can also open doors — you may be able to tap into it for major expenses, home improvements, or other financial goals. The key is understanding your own loan and what moves make sense for your situation. Let's talk about your equity and what your payoff timeline could look like.
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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
Fernando Radillo
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