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Mortgage Market Update
My Mortgage Company
Alex Hernandez
Tuesday, November 3, 2026
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When your payment feels like too much |
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Money conversations aren't always easy, but they're always worth having. Here's what homeowners should know if their monthly payment is feeling like a strain.
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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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Affordability Check
When your budget feels tight, here's what you can do
If your mortgage payment is stretching your monthly budget, you're not alone—and you have options. Sometimes it's as simple as adjusting your loan term, exploring different program types, or reviewing whether your escrow account is working for you. Other times, it might mean looking at your overall debt picture to free up breathing room. The point is, you don't have to live uncomfortably with a loan that no longer fits your situation. A conversation with me can help you understand what's actually possible without starting from scratch. I can walk through your numbers, explain your realistic options, and help you figure out if a change makes sense for your life right now. Let's talk through what might work better 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
Alex Hernandez
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