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Mortgage Market Update
My Mortgage Company
Fully Scale
Tuesday, November 3, 2026
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Shorter loan or lower payment? |
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Hi there. This week I want to walk you through one of the most important (and often overlooked) decisions in a mortgage—the loan term itself.
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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 Basics
Why your loan term matters more than you think
When you're shopping for a mortgage, the interest rate gets all the attention. But the length of your loan—15 years, 30 years, or something in between—shapes your entire financial picture in ways that go beyond monthly payment size. A shorter term builds equity faster and costs less in total interest over time, but a longer term keeps your monthly payment manageable and frees up cash for other goals. There's no one right answer; it depends on your income, your timeline, and what matters most to you right now. The key is understanding the trade-off so you can choose deliberately, not by default. Let's talk through which loan term makes the most 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
Fully Scale
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