Mortgage Market Update

My Mortgage Company

Omar Brito

Tuesday, November 3, 2026

Why your loan term matters more than you think

One of the most important choices in a mortgage gets less attention than it deserves. Here's what you should know about loan terms.

National Mortgage Rates · November 2, 2026

Conventional 30-Year

7.13%

FHA 30-Year

6.96%

VA 30-Year

6.76%

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.

Mortgage Basics

What your loan term really means for your wallet

When you're shopping for a mortgage, the term—15 years, 30 years, or something in between—is one of the biggest decisions you'll make. It affects not just your monthly payment, but how much interest you'll pay over the life of the loan and how quickly you'll own your home outright. A shorter term builds equity faster and costs less in total interest, but comes with a higher monthly payment. A longer term spreads things out, making each payment easier to manage, but you'll pay more interest along the way. There's no universally "right" answer—it depends on your budget, your timeline, and your comfort level. I'm happy to walk you through what different terms would look like for your specific situation.

Let's talk about which term makes the most sense for you.

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.

Tips for Homeowners

Co-Signing a Mortgage: What You're Really Agreeing To

1.	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.

2.	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.

3.	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.

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.

Your Mortgage Advisor

My Mortgage Company

Omar Brito

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