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Mortgage Market Update
Next Level Lending MN
Next Level Lending MN
Saturday, October 31, 2026
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Do you know how much equity you have? |
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A lot happens to your mortgage over the years. One of the most important things is often the quietest—the equity you build with every payment.
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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
What your home's value means for your options
If you've owned your home for a while, you've likely built up equity—the difference between what your home is worth and what you still owe on your mortgage. That equity can open doors. Some borrowers use it to fund renovations, pay down debt, or cover major expenses through a home equity loan or line of credit. Others tap it to refinance into better terms. The key is understanding what you have available and whether using it makes sense for your situation. The equity you've built is real money; knowing how to think about it puts you in control. I'd be happy to walk you through what your equity position looks like and what possibilities might be worth exploring. Reach out and we can take a look at your equity and options together.
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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 Next Level Lending MN team any time and we'll walk you through your options. |
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