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Mortgage Market Update
My Mortgage Company
Jim Scheu
Tuesday, November 3, 2026
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Should you refinance your mortgage? |
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Most homeowners never revisit their loan once it closes—but circumstances change. This week I'm talking about when a refinance might actually be worth your 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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Refinancing Basics
When does refinancing actually make sense?
A lot of homeowners ask me whether they should refinance, and the answer is never just about rates. Refinancing makes sense when the benefit outweighs the cost—and that math is different for everyone. Some people refinance to lower their monthly payment. Others want to shorten their loan term, pay off debt faster, or tap into home equity for a big project. A few are just in a better financial spot now than they were when they first borrowed. The key is knowing your own goal, not chasing what someone else is doing. If you've been curious about whether a refinance could work for you, I'd be happy to run the numbers and show you what it might look like. Let me know if you'd like to explore your refinance options.
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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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