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Mortgage Market Update
My Mortgage Company
Jim Scheu
Tuesday, November 3, 2026
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Should you refinance? Here's how to tell. |
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Hi there. This week I want to touch on a question I hear often: when is the right time to refinance?
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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 Basics
When does it make sense to refinance your mortgage?
A lot of people ask me whether they should refinance, and the honest answer is: it depends on your situation. Refinancing can make sense if rates have moved favorably, if you want to change your loan term, or if you're looking to tap into home equity. But it's not automatic—you'll want to weigh the costs of refinancing against the potential benefit over the time you plan to stay in your home. The math works differently for everyone. If you've been wondering whether a refinance might work for you, I'm happy to walk through the numbers and help you figure out if it's worth exploring. Let's talk about whether refinancing could be a smart move 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
Jim Scheu
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