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Mortgage Market Update
My Mortgage Company
Kris Wootton
Tuesday, November 3, 2026
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Debt could be holding back your mortgage options |
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One of the most overlooked factors in getting approved and landing better terms is something most people don't bring up until it's too late. Here's what you should know.
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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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Debt Management
Your mortgage doesn't live in a vacuum
Here's something I see often: a borrower qualifies for a mortgage, but six months later they're stressed about payments because other debts crept up. Credit cards, car loans, student loans—they all talk to each other when a lender is deciding what you can afford. The good news is that paying down other debts before you buy (or refinance) can genuinely improve your options. Lower debt means lower risk in a lender's eyes, which opens doors. If you're thinking about your next move, or wondering why your approval came with certain terms, your full debt picture matters more than you might think. Let's talk through your whole financial picture—I'm here to help you see what's possible.
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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
Kris Wootton
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