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Mortgage Market Update
Megan Luksha
Megan Luksha
Saturday, October 31, 2026
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Should you borrow against your home equity? |
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Some borrowers don't realize how much financial flexibility their home can offer. This week, I want to explain when tapping equity makes sense—and when it doesn't.
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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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Home Equity
When it makes sense to tap your home equity
If you've been in your home for a few years, there's a good chance you have equity built up—money you own outright. That equity can be a powerful financial tool when you need it. A home equity line of credit or loan lets you borrow against what you've built, often at better terms than credit cards or personal loans. The catch? It's not always the right move. Tapping equity makes sense for major expenses—home improvements, education, consolidating debt. It makes less sense for everyday spending. Before you decide, think hard about whether you really need to borrow, and whether you can handle the payments. I'm happy to walk you through the options and help you figure out what's right for your situation. If you'd like to explore what equity you might have available, let's talk.
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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 Megan Luksha team any time and we'll walk you through your options. |
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