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Mortgage Market Update
My Mortgage Company
LaTisha Elliott, Mortgage Loan Advisor
Tuesday, November 3, 2026
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Choosing the right mortgage type |
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Hi there—this week I want to cover something that catches a lot of people off guard when they're shopping for a home loan. The program you choose matters just as much as the rate.
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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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Loan Programs
Not all mortgages work the same way
One of the biggest surprises for borrowers is learning that the mortgage you choose affects more than just your interest rate. Different loan programs come with different rules about how much you can borrow, how flexible your payments are, what happens if rates drop, and how much cash you need upfront. A fixed-rate mortgage behaves nothing like an adjustable one. An FHA loan opens doors that conventional financing might not. Even among similar programs, your options shift based on your credit, income, and how long you plan to stay in the home. Understanding which program fits your situation—not just which one sounds cheapest—can mean real peace of mind over the life of the loan. I'm happy to walk through what's available for your specific circumstances. Let's talk about which loan type 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
LaTisha Elliott, Mortgage Loan Advisor
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