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Mortgage Market Update
My Mortgage Company
Donnie Schneider
Tuesday, November 3, 2026
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Your down payment opens more doors than you think |
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One of the biggest myths I hear is that your down payment size locks you into a single loan path. It doesn't work that way at all. Here's what your down payment actually controls—and why it matters.
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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
What your down payment size actually unlocks
I talk to a lot of people who think their down payment locks them into one path. The truth is more flexible than that. The amount you put down today opens different doors—it shapes your interest rate options, your monthly payment, whether you'll need mortgage insurance, and which loan programs make sense for your situation. A smaller down payment doesn't disqualify you; it just means we need to explore the right program fit. Conversely, a larger down payment gives you negotiating room in ways some borrowers don't realize. The key is understanding what you're working with and what choices that actually gives you. Let's talk about your specific situation and what your down payment means for your options. Reach out and we can walk through what your down payment position really means 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 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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