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Mortgage Market Update
My Mortgage Company
LaTisha Elliott, Mortgage Loan Advisor
Tuesday, November 3, 2026
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Thinking about switching your loan type? |
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I've noticed a lot of folks wondering lately whether the loan they picked is still the right fit. Let's talk about what really changes when you switch.
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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 Options
What happens when you switch loan types
One of the biggest decisions you make isn't just how much to borrow—it's what kind of loan to use. Moving between a fixed-rate loan, an adjustable-rate loan, or switching from one term to another changes more than just your monthly payment. It affects how much total interest you'll pay over time, how your payment might change down the road, and how much flexibility you have if life throws you a curveball. If you're thinking about a switch, understanding what actually changes—and what stays the same—helps you make a choice that fits your situation, not just this month, but years ahead. If you're curious whether a different loan type might work better for you, I'm happy to walk through the trade-offs.
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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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