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Mortgage Market Update
My Mortgage Company
Scott John Millich
Friday, November 6, 2026
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Your home equity might be more useful than you think |
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Hi there. This week I want to touch on something that builds quietly over time but can open real doors when you need them: home equity.
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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 & Access
What your home's value means for borrowing
If you've owned your home for a few years, you've likely built equity—the difference between what your home is worth and what you still owe. That equity can be a tool. Some borrowers tap it to pay off higher-interest debt, fund home repairs, or cover major expenses. Others use it as a stepping stone to a new purchase. The catch: accessing your equity usually means a new loan or a restructured one, which comes with its own terms and costs. It's not automatic money—it requires qualification and approval. If you're curious whether your equity could work for you, I'm happy to walk through your options and what they'd actually look like month to month. Let's talk about what your equity could mean for your situation.
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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
Scott John Millich
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