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Mortgage Market Update
My Mortgage Company
Donnie Schneider
Tuesday, November 3, 2026
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Your loan program might be different from your friend's |
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Hi there. This week I want to talk about something I hear a lot: borrowers comparing their mortgage to someone else's and wondering if they're missing out.
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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
Why your neighbor's mortgage deal might not work for you
It's natural to compare notes with friends about their mortgages—but here's the thing: two people buying similar homes can qualify for completely different loan programs based on their down payment, credit profile, income, and goals. What worked perfectly for someone else might not be the best fit for your situation. Some programs offer flexibility on credit scores. Others reward larger down payments. Some make sense for first-time buyers; others are built for people with established equity. The right choice depends on your numbers and your plans. That's why a real conversation about your specific circumstances beats any one-size-fits-all advice. If you're curious whether you're in the right program or exploring your options, I'd love to walk through it with you. Reach out and we can talk about which loan program makes the most sense for where you are.
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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
Donnie Schneider
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