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Mortgage Market Update
My Mortgage Company
Gregory Vassilatos
Tuesday, November 3, 2026
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Loan types: what you actually need to know |
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There's more to choosing a mortgage than picking a rate. The structure of your loan—how long it lasts, how it adjusts, what program it falls under—shapes your entire borrowing experience.
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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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Mortgage Basics
Why your loan type matters more than you think
When you're shopping for a mortgage, the interest rate gets all the attention—but the loan itself deserves just as much thought. A 30-year fixed, a 15-year fixed, an adjustable-rate mortgage, an FHA loan, a conventional loan—they all work differently and affect your finances in different ways. The right choice depends on how long you plan to stay in your home, your comfort with payment changes, your down payment, and your income. I've seen borrowers save money by choosing a shorter loan term, and I've seen others sleep better at night with a longer one. There's no universal answer, which is why it's worth talking through your options before you commit. I'm here to walk you through how each program works and what might fit your situation best. Let's talk about which loan type makes sense 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
Gregory Vassilatos
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