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Mortgage Market Update
Major Singleton
Major Singleton
Wednesday, September 2, 2026
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What can you do with your home equity? |
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Hi there — I've been thinking about home equity this week and wanted to share some ideas on how it works and when it might help you reach a financial goal.
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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
What you can do with home equity
If you've been a homeowner for a while, you're likely building equity with each mortgage payment — plus any appreciation in your home's value. That equity can be a powerful financial tool. Some people use it to fund home improvements, consolidate debt, or cover major expenses without taking on new unsecured debt. Others access it through a home equity line of credit or cash-out refinance when the time is right. The key is understanding what options exist and whether any of them align with your financial goals right now. Every situation is different, and the right move depends on your timeline, interest rates, and what you're trying to accomplish. I'd love to walk through what's possible in your specific case. Let's talk about whether tapping your equity makes sense for you.
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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 Major Singleton team any time and we'll walk you through your options. |
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