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Mortgage Market Update
My Mortgage Company
Naineka Howard
Thursday, August 27, 2026
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What can you do with your home equity? |
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Hi there—this week I'm covering a topic that affects a lot of my clients who've been in their homes for a while. If that's you, this might be worth a quick read.
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National Mortgage Rates · August 20, 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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Home Equity
Your home equity might be more useful than you think
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 still owe on your mortgage. A lot of homeowners don't realize how they can put that equity to work. Whether you're facing an unexpected expense, planning a renovation, or thinking about consolidating higher-interest debt, having equity opens up options. A home equity line of credit or loan can be a smart way to access cash at terms that often beat credit cards or personal loans. The key is understanding what makes sense for your situation and your timeline. If you'd like to talk through whether tapping your equity makes sense right now, I'm here to walk you through the options.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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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
Naineka Howard
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