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Mortgage Market Update
My Mortgage Company
Shantian Simmons
Tuesday, November 3, 2026
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What kind of loan are you in? |
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One question I get asked a lot is about loan programs — and not always by people shopping for a new mortgage. Some homeowners aren't sure what they actually signed up for years ago.
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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
What loan type are you actually in?
A lot of homeowners don't know whether they have a fixed-rate mortgage, an adjustable-rate loan, or something in between — and it matters. Your loan type determines how your payment behaves over time and what options you might have down the road. If you're not sure, a quick look at your paperwork or a call to me can clear it up fast. Knowing what you're in is the first step to making smart money moves, whether that's refinancing later or just understanding what to expect in the years ahead. Reach out if you'd like to review your loan and talk through what it means 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
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