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Mortgage Market Update
My Mortgage Company
Jose L Calvo Jr — Jose Calvo Jr
Tuesday, November 3, 2026
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Loan term vs. interest rate—which matters more? |
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Hi there. This week I want to talk about something borrowers often overlook when they're focused on getting the best 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 Basics
Why your loan term matters more than you think
When you're shopping for a mortgage, the interest rate gets all the attention—but your loan term (15, 20, or 30 years) shapes your finances just as much. A longer term means lower monthly payments, which helps if you're stretching to afford a home or want breathing room in your budget. A shorter term builds equity faster and costs less interest over time, but requires a bigger payment each month. Neither is automatically "right"—it depends on your income, goals, and peace of mind. The best choice is the one that lets you own your home comfortably without sacrificing other financial priorities. I'm happy to walk you through how different terms would look for your situation.
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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
Jose L Calvo Jr — Jose Calvo Jr
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