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Mortgage Market Update
My Mortgage Company
Imagination Age Mortgage
Tuesday, November 3, 2026
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Your down payment doesn't have to be huge |
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Hi there. This week I want to tackle one of the biggest myths keeping people from buying homes.
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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
Your down payment might be smaller than you think
A lot of people assume they need to save a huge chunk before buying. The truth is, several loan programs let you put down much less—sometimes as little as three percent or even fewer percentage points. The catch? You'll likely pay mortgage insurance until you build equity. But for many buyers, that's a fair trade-off to stop renting sooner and start building ownership. If you've been waiting on the sidelines thinking you're not ready yet, it might be worth a conversation about what's actually possible for your situation right now. Let's talk about what a down payment could look like for you.
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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
Imagination Age Mortgage
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