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Mortgage Market Update
My Mortgage Company
Silvia McGeary with Unity Mortgage, LLC
Wednesday, November 4, 2026
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What to know before you miss a payment |
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Life happens, and sometimes cash flow gets tight. I want to walk you through what actually occurs if a mortgage payment gets missed—so you know what to expect and what your real options are.
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National Mortgage Rates · November 3, 2026
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Conventional 30-Year
7.17%
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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 Basics
What happens when you miss a mortgage payment
Missing a mortgage payment is stressful, but it's important to know what actually happens—and when. Most lenders won't immediately flag you as delinquent after one missed payment; you typically have a grace period to catch up. But the sooner you get back on track, the better for your credit and your loan. If you're facing a tight month or worried about making your next payment, reaching out early makes a real difference. Your lender may have options—a temporary adjustment, a refinance, or other solutions—but only if you communicate before the situation gets worse. If you're in a rough spot, let's talk about what's actually available to you. If payment trouble is on your radar, I'd rather hear from you now than later—get in touch.
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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
Silvia McGeary with Unity Mortgage, LLC
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