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Mortgage Market Update
My Mortgage Company
Joe Gallo
Tuesday, November 3, 2026
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Does your payoff progress open new doors? |
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As a homeowner, your equity grows every month—and that growth can create opportunities you might not realize. This week I want to walk you through one often-overlooked refinancing trigger.
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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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Refinancing Strategy
When your loan balance drops below a key threshold
As you pay down your mortgage, you reach milestones that can unlock new opportunities. One that often goes unnoticed: when your loan-to-value ratio improves enough, you may qualify for better terms or programs that weren't available before. This can happen whether rates have moved or not. It's worth a conversation if you've been paying steadily for a few years or made a substantial extra payment. Even small improvements in your position can matter, and sometimes the move makes sense even when the numbers seem tight. I'd be happy to take a look at where you stand and what options might be within reach. Reach out and we can review whether a refinance 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
Joe Gallo
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