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Mortgage Market Update
My Mortgage Company
Priscilla Nieves
Tuesday, November 3, 2026
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Shorter or longer mortgage—what's the real difference? |
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Hi there. This week I want to highlight something that often gets overlooked when borrowers are shopping for a home loan.
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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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Smart Borrowing
Why your loan term matters more than you think
When you're comparing mortgage options, loan term—the number of years you have to repay—often takes a backseat to interest rates. But your term is just as important. A shorter term means you build equity faster and pay less interest overall, while a longer term lowers your monthly payment and preserves cash flow for other priorities. Neither is automatically "right"; it depends on your income stability, how long you plan to stay in the home, and what else you're saving for. The key is understanding the actual tradeoff you're making, not just focusing on one number. I'd love to walk through what different terms could look like for your situation. Let's talk about which term makes sense for your goals.
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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
Priscilla Nieves
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