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Mortgage Market Update
My Mortgage Company
Hector Lopez
Tuesday, November 3, 2026
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Down payment myths we should clear up |
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Hi there. This week I want to tackle something I hear from almost every borrower—confusion about how much money you actually need to buy 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 your down payment size actually unlocks
Your down payment isn't just about the number—it shapes which loan programs you qualify for, what your interest rate looks like, and how much flexibility you get as a borrower. A larger down payment can open doors to better terms and lower costs over time. But the reverse is also true: many strong borrowers with solid credit and income don't need to wait and save for years. There are real pathways to homeownership with less upfront cash than you might think. The key is understanding what combination of down payment, credit profile, and financial situation makes sense for your specific goals. That's where a conversation helps. Let's look at what programs actually fit your picture. I'm happy to walk through the options that match where you are right now.
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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
Hector Lopez
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