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Mortgage Market Update
My Mortgage Company
Tim Colson
Thursday, August 27, 2026
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Is your home equity sitting idle? |
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Hi there. This week we're looking at a resource a lot of homeowners overlook—the equity they've already built into their homes.
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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's equity might be worth more than you think
If you've owned your home for a few years, you likely have built up equity—the difference between what your home is worth and what you still owe on your mortgage. This equity isn't just a number on paper; it can be a real financial tool. Some homeowners use it to fund home improvements, pay off higher-interest debt, or cover major expenses. There are a few ways to access it, each with different terms and trade-offs, and the right choice depends on your situation and goals. If you're curious whether your equity could work for you, I'd love to walk you through your options and what might make sense. Let's talk about how much equity you have and what doors it might open.
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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
Tim Colson
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