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Mortgage Market Update
My Mortgage Company
Errol Fenty — Errol Fenty
Saturday, October 31, 2026
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Do you know how much equity you own? |
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Hello! Each week I share something useful about mortgages, money, and homeownership—things that actually matter to you and your family.
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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 Awareness
You might have more home equity than you think
If you've owned your home for a few years or made extra payments, you likely have built up equity—the difference between what your home is worth and what you still owe. This is real wealth sitting in your property. Some homeowners don't realize how much they've accumulated, which means they miss opportunities to use it when life happens: a major repair, education costs, or consolidating higher-interest debt. Understanding your equity position helps you make smarter decisions about whether to tap into it, refinance, or simply enjoy the security of owning more of your home outright. I can help you get a clear picture of where you stand. Let's talk about your home equity and what options might make sense for your situation.
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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
Errol Fenty — Errol Fenty
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