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Mortgage Market Update
My Mortgage Company
Juan Carlos Vila
Tuesday, November 3, 2026
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Should you use your home's equity? |
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Building equity in your home is one of the smartest things homeownership offers. But knowing what to do with it—and when—is a different question.
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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 & Refinancing
When does it make sense to tap your home's equity?
If you've owned your home for a few years, you've likely built up equity—the difference between what your home is worth and what you owe. Some borrowers use that equity to fund home improvements, pay off higher-interest debt, or cover major expenses. Others leave it alone. The right choice depends on your goals, your financial situation, and how comfortable you are adjusting your loan. A cash-out refinance or home equity line of credit can both unlock that wealth, but each works differently and carries its own trade-offs. If you're wondering whether tapping equity makes sense for your situation, I'd love to walk through the options with you. Let's talk about whether using your equity is the right move for 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
Juan Carlos Vila
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