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Mortgage Market Update
My Mortgage Company
Madden Sewer & Drain
Tuesday, November 3, 2026
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Loan terms: how to pick the right one |
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Hi—one of the most important decisions in a mortgage isn't about rates at all. It's about choosing the loan term that actually works for your budget.
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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 Basics
What your loan term really means for your budget
When you're shopping for a mortgage, the term—15 years, 20 years, 30 years—matters just as much as the interest rate. A longer term spreads your payments over more time, which lowers your monthly bill. A shorter term builds equity faster and costs less in total interest, but your monthly payment is higher. Neither is automatically right; it depends on your cash flow, how long you plan to stay in the home, and what feels sustainable for your budget. The goal is finding the balance that lets you build wealth without stretching yourself thin. If you're unsure which term makes sense for your situation, I'm happy to walk through the numbers with you. Let's talk about which loan term fits your life best.
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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
Madden Sewer & Drain
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