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Mortgage Market Update
John Kunkel
John Kunkel
Tuesday, November 3, 2026
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Your down payment doesn't have to be perfect |
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Hi there — I wanted to touch base about something I hear a lot: the belief that you need a pile of cash before buying a home.
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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 happens when you can't put money down
Not everyone has a down payment saved up, and that's okay — it doesn't mean homeownership is out of reach. Loan programs exist specifically for buyers in your situation, and they work differently than you might think. Some require less down than others; some have different rules about credit or income. The details matter, and they change based on your circumstances. The goal is finding the right fit so you can move forward without stretching yourself thin or taking on more risk than makes sense. If you've assumed you're stuck renting because savings haven't caught up, it's worth a conversation. I've helped plenty of people find a path that works. Let's talk about what programs might actually be available to 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 John Kunkel team any time and we'll walk you through your options. |
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