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Mortgage Market Update
My Mortgage Company
Mackenzie Paquette
Tuesday, November 3, 2026
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Your down payment determines more than you think |
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Hi there,
Today I want to clear up something I see borrowers get wrong all the time—and it could cost you if you're not careful.
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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 your down payment size really controls
One of the biggest misconceptions I hear is that your down payment is just about how much cash you need upfront. But it's so much more than that. The size of your down payment actually unlocks different loan options, affects what you'll pay over time, and determines whether you'll need mortgage insurance. Smaller down payments aren't a dealbreaker—they open different doors—but knowing what those doors are helps you make a smarter choice. Whether you're working with a smaller down payment or have substantial savings, the loan program that makes sense for you depends on your full picture, not just the number you're putting down. Let me walk you through what's available and what fits your situation. If you'd like to explore what programs work best for your down payment and goals, I'm here to help.
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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
Mackenzie Paquette
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