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Mortgage Market Update
My Mortgage Company
John Magoffin
Thursday, September 3, 2026
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Home equity—here's what it's actually good for |
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Hi there. This week I want to talk about a resource many homeowners forget they have: the equity sitting in their home.
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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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Equity & Options
What your home equity can do for you
As you pay down your mortgage over time, you're building something valuable: equity. That's the difference between what your home is worth and what you still owe. Many homeowners don't realize they can tap into that equity when life happens—whether it's a roof repair, a child's education, or consolidating debt. A home equity loan or line of credit lets you borrow against what you've already paid for, often at better terms than other borrowing options. The key is knowing when it makes sense for your situation. If you're curious about whether your equity could work for you, I'd love to walk through the numbers and your options. Reach out anytime you'd like to explore how your equity could help.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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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
John Magoffin
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