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Mortgage Market Update
My Mortgage Company
Donnie Schneider
Friday, November 6, 2026
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Your loan program might be different from your friend's |
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Hi there. This week I want to talk about something I hear a lot: borrowers comparing their mortgage to someone else's and wondering if they're missing out.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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
Why your neighbor's mortgage deal might not work for you
It's natural to compare notes with friends about their mortgages—but here's the thing: two people buying similar homes can qualify for completely different loan programs based on their down payment, credit profile, income, and goals. What worked perfectly for someone else might not be the best fit for your situation. Some programs offer flexibility on credit scores. Others reward larger down payments. Some make sense for first-time buyers; others are built for people with established equity. The right choice depends on your numbers and your plans. That's why a real conversation about your specific circumstances beats any one-size-fits-all advice. If you're curious whether you're in the right program or exploring your options, I'd love to walk through it with you. Reach out and we can talk about which loan program makes the most sense for where you are.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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
Donnie Schneider
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