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Mortgage Market Update
My Mortgage Company
Sandra Ellington
Tuesday, November 3, 2026
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Shorter or longer: which loan term fits you? |
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One of the biggest decisions in getting a mortgage isn't about interest rates at all. It's about choosing a loan term that aligns with your real financial picture.
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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 looking at mortgage options, it's easy to focus on interest rates—but the length of your loan is just as important to your finances. A shorter loan term means you build equity faster and pay less interest over time, but your monthly payment will be higher. A longer term keeps your payment lower each month, which can help with cash flow and flexibility. There's no universally "right" answer; it depends on your budget, how long you plan to stay in the home, and your overall financial goals. Understanding this trade-off helps you make a choice that actually fits your life, not just your rate. Let's talk through which term makes 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
Sandra Ellington
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