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Mortgage Market Update
Michael Collins
Michael Collins
Thursday, October 29, 2026
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Do you know how much equity you have? |
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Hi there—this week I want to talk about something a lot of homeowners overlook. If you've been paying your mortgage for a while, there's likely money sitting in your home that you could put to work.
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National Mortgage Rates · October 28, 2026
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Conventional 30-Year
7.22%
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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 Watch
Your home's equity is a tool—here's how
If you've owned your home for a few years, you've likely built equity—that's the difference between what your home is worth and what you still owe on your mortgage. A lot of people don't realize this equity can work for them. Whether you need cash for home repairs, education, or other major expenses, you have options: a home equity line of credit, a home equity loan, or even a cash-out refinance. Each works differently and carries its own pros and cons. The key is understanding which option fits your situation and your goals. If you're curious whether tapping into your equity makes sense right now, I'd love to walk through the numbers with you. Let's talk about what your equity could mean for you.
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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 Michael Collins team any time and we'll walk you through your options. |
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