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Mortgage Market Update
My Mortgage Company
Juan Carlos Vila
Friday, November 6, 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 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 & 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
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
Juan Carlos Vila
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