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Mortgage Market Update
My Mortgage Company
BEST Real Estate
Tuesday, November 3, 2026
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Which loan program is right for you? |
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Hi there—this week I want to talk about something borrowers don't always think about until it's too late: the type of loan you choose matters as much as the rate itself.
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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 are built the same
When you're shopping for a mortgage, the interest rate gets most of the attention. But the type of loan you choose matters just as much. Some programs let you put down less money upfront. Others offer flexibility if rates drop. Some are built for buyers with tighter credit, and others reward those with stronger finances. The right fit depends on your situation—your timeline, how long you plan to stay in the home, and what your cash flow looks like month to month. That's why a real conversation with your lender beats any generic online calculator. I can walk you through what's actually available to you and what each option means for your monthly payment and long-term costs. Let's talk about which loan program 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
BEST Real Estate
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