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Mortgage Market Update
My Mortgage Company
Raven Taylor
Tuesday, November 3, 2026
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Picking the wrong loan type happens more than you'd think |
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Most people focus on interest rates when they're evaluating a mortgage—but the loan type itself matters just as much. Here's why getting that choice right from the start can save you real money over time.
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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 Program Fit
The loan type mistake that costs thousands
I see this often: someone gets approved for a loan program, takes it, and later realizes a different program would have served them better. Maybe they locked into a 30-year fixed when a 15-year would've built equity faster. Maybe they chose an adjustable rate without understanding what happens when it adjusts. Maybe they missed a program designed exactly for their situation—lower down payment, better terms, different rules. The right loan type depends on your timeline, risk tolerance, and financial goals, not just what's available. That's why I always spend time understanding what you actually need before we talk about what we can offer. If you're thinking about a mortgage or wondering whether your current loan is the best fit, let's talk through your specific picture. Reach out—I'm happy to walk through which loan type makes sense for where you are.
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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
Raven Taylor
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