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Mortgage Market Update
My Mortgage Company
Elite Lending Team
Tuesday, November 3, 2026
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When your monthly payment feels like too much |
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Sometimes the right mortgage at the right time isn't the same as the right mortgage forever. Let's talk about what to do if your budget has changed.
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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 needs breathing room
Life changes. A job shift, a growing family, unexpected expenses—suddenly your current mortgage feels tighter than it used to. If you're feeling stretched, you have more options than you might think. Refinancing to a longer loan term can lower your monthly payment and free up cash for what matters. There's also the option to look at your overall finances and see if a different loan program might fit you better now than it did when you first bought. The goal isn't to pay forever—it's to make sure your housing payment works with your life, not against it. I'm here to walk through what's possible. Let's look at your situation and see what options make sense 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
Elite Lending Team
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