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Mortgage Market Update
My Mortgage Company
Kelly Rankin — Kelly Rankin
Saturday, August 1, 2026
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How much equity have you built? |
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Home equity is one of the best-kept secrets in personal finance. It grows quietly in the background, and many homeowners don't realize how much they have until they really need it.
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National Mortgage Rates · July 30, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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 Check
You may have built more equity than you think
If you bought your home a few years ago, or made a significant down payment, there's a good chance you've built up equity—the difference between what your home is worth and what you owe on it. That equity can be a powerful financial tool. Some borrowers use it to refinance into better loan terms, others tap into it for home improvements or major expenses through a home equity line of credit or cash-out refinance. The first step is understanding how much you actually have. A quick home valuation and a look at your loan balance can tell you exactly where you stand. I'm happy to walk you through it and show you what options might make sense for your situation. If you'd like to find out how much equity you're sitting on, send me a message or give me a call.
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Tip of the Week
Landscaping maintenance protects your home's value — overgrown yards are the number one curb appeal issue buyers notice.
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Tips for Homeowners
HOA Fees and How They Affect Your Mortgage
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1.
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HOA dues are included in your debt-to-income ratio calculation when you apply for a mortgage. High HOA fees reduce how much home you can qualify for.
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2.
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Before buying in an HOA, review the financials: reserve fund balance, any pending special assessments, and recent meeting minutes. A depleted reserve fund can mean a large unexpected charge.
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3.
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HOA dues are generally not tax-deductible for a primary residence. If the home is a rental property, dues may be deductible as a business expense.
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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
Kelly Rankin — Kelly Rankin
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