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Mortgage Market Update
My Mortgage Company
Mortgage Resources
Tuesday, November 3, 2026
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Your situation probably needs a different loan than theirs |
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I talk to a lot of homeowners who chose a loan because a friend or family member recommended it. The tricky part is that what works beautifully for one person can be the wrong fit for another.
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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 loan might not work for you
Every borrower's situation is different, and the loan program that made sense for your coworker might create real problems for your finances. Some programs offer flexibility on credit or down payments. Others come with rate tradeoffs or require you to stay in your home longer to break even. The right fit depends on your timeline, how stable your income is, whether you're planning to move, and what you can actually afford each month. It's worth having a real conversation about your specific circumstances instead of just following what worked for someone else. If you'd like to talk through which programs might actually serve your goals, I'm here to walk you through the options.
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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
Mortgage Resources
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