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Mortgage Market Update
My Mortgage Company
Elite Lending Team
Tuesday, November 3, 2026
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Which loan type works best for you? |
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Hi there. This week I want to talk about something that often gets overlooked: the actual type of mortgage you choose.
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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 work the same way
When you're shopping for a home or thinking about refinancing, the type of loan you choose matters as much as the interest rate. Fixed-rate mortgages lock in your payment for the life of the loan—predictable and steady. Adjustable-rate mortgages start lower but can move over time. Government-backed loans like FHA and VA have different down payment and credit requirements than conventional mortgages. Each program has real trade-offs, and the right one depends on your timeline, how long you plan to stay in your home, and your comfort with payment changes. Understanding which loan fits your situation is one of the smartest things you can do before you apply. I'd be happy to walk you through how each one works and which might make sense for you. Let's discuss which loan program fits your goals—reach out anytime.
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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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