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Mortgage Market Update
My Mortgage Company
Rich Hanlin
Tuesday, November 3, 2026
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Finding the right loan type for you |
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Not every mortgage works the same way. This week I want to walk you through why loan type matters, and how to know which one fits your goals.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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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Loan Programs
Not all mortgages are built the same
When you're ready to buy or refinance, the type of loan you choose matters as much as the rate itself. Different programs come with different rules about down payments, credit requirements, property types, and how long you lock in your rate. Some borrowers benefit from fixed-rate stability; others find flexibility in an adjustable option. First-time buyers often have access to programs they don't know about. And if you're refinancing, the right loan type can streamline the whole process. The best fit for you depends on your situation, timeline, and comfort level. That's exactly why it's worth having a real conversation before you apply. Let's talk about which loan structure makes sense for your next move.
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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
Rich Hanlin
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