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Mortgage Market Update
Petra Cephas
Bishoi Nageh
Tuesday, November 3, 2026
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Is your loan type working for you? |
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Hi there. This week I want to talk about something that doesn't get enough attention: the actual type of mortgage you have and why it matters.
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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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Mortgage Basics
Why your loan type matters more than you think
Not all mortgages work the same way, and the one you chose (or are considering) has real consequences for your finances. A fixed-rate loan locks in predictability—your payment never changes. An adjustable-rate mortgage might start lower but can shift over time. Government-backed loans like FHA or VA have different rules around down payments and insurance than conventional loans. Each has trade-offs that make sense for different situations. The key is understanding what you actually signed up for and whether it still fits your life. If you're unsure about your loan type or want to explore whether a different one might work better for you, I'm here to walk through it. Get in touch if you'd like to review your loan or talk through your options.
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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 Petra Cephas team any time and we'll walk you through your options. |
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