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Mortgage Market Update
My Mortgage Company
Gary Wright — Gary Wright
Saturday, October 31, 2026
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How much of your home do you actually own? |
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One of the best parts of owning a home is watching your ownership stake grow. I wanted to share how that works and why it matters to your financial picture.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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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 Building
What your down payment does over time
When you buy a home, your down payment isn't just money you're losing—it's the start of building equity. Every mortgage payment you make goes partly toward interest and partly toward principal, which means you own more of your home each month. Over time, as you pay down that loan, your equity grows. It's one of the reasons homeownership can feel different from renting: you're building something. The larger your down payment was at the start, the faster this process typically moves. If you're curious about how much equity you've accumulated, or wondering whether your current loan structure is working in your favor, I'd love to walk you through it. Let's talk about your equity position and what comes next.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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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
Gary Wright — Gary Wright
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