Mortgage Market Update

My Mortgage Company

Sean Price — Sean Price Lending Group

Tuesday, November 3, 2026

What other debts mean for your mortgage

One of the most common questions I get is about what lenders actually see when they review an application. Let's walk through one piece that surprises a lot of people.

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.

Debt & Borrowing

How other debts affect your mortgage approval

When you apply for a mortgage, lenders look at more than just your income and down payment. They examine all your existing debts—credit cards, car loans, student loans, personal lines of credit—to calculate something called your debt-to-income ratio. Basically, they want to know what percentage of your monthly earnings already goes to debt payments. A higher ratio can limit how much house you qualify for, or affect the terms you're offered. The good news: paying down other debts before you apply, or even before you refinance, can genuinely improve your position. It's one of the few things entirely in your control. If you're thinking about buying soon or exploring a refinance, I'd love to talk through your full financial picture and see where you stand.

Reach out anytime—we can look at your situation together and talk through your options.

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

Sean Price — Sean Price Lending Group

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