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Mortgage Market Update
My Mortgage Company
Steven Carey
Friday, November 6, 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 4, 2026
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Conventional 30-Year
7.12%
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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
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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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