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Mortgage Market Update
My Mortgage Company
Garrison Groeschke
Friday, November 6, 2026
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Do you know how much equity you have? |
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Hello,
This week I'm talking about a piece of your financial life that often flies under the radar: the equity building up in your home.
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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
Your home's equity: what it is and why it matters
As you pay down your mortgage, you're building equity—the difference between what your home is worth and what you owe on it. That equity can become useful down the road in a few ways: if you need to access cash for renovations, education, or other big expenses, you may be able to tap into it. It can also improve your financial flexibility and give you options you didn't have before. The amount of equity you have depends on your down payment, how long you've been paying the loan, and changes in your home's value. Many borrowers are surprised to learn they have more equity than they realize. If you're curious whether your equity could work for you, I'd be happy to walk through your situation and explore what options might make sense. Reach out if you'd like to discuss what your equity means for your financial picture.
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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
Garrison Groeschke
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