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Mortgage Market Update
My Mortgage Company
Shantian Simmons's Account
Tuesday, November 3, 2026
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Picking the right type of mortgage |
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Hi there. This week I want to cover something that affects your finances more than most people realize: the kind of loan 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 refinancing, the interest rate gets most of the attention—but the type of loan you choose matters just as much. Different programs come with different rules about down payments, how your rate works, and what flexibility you have down the road. A fixed-rate mortgage keeps your payment steady for decades. An adjustable-rate loan might start lower but can change over time. Some programs require a larger down payment; others work with less. The right choice depends on your situation, how long you plan to stay in the home, and what kind of payment stability matters to you. I'd be happy to walk you through the options that fit your goals. Let's talk about which loan program makes sense 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
Shantian Simmons's Account
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