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Mortgage Market Update
My Mortgage Company
Elite Lending Team
Friday, November 6, 2026
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Which loan type works best for you? |
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Hi there. This week I want to talk about something that often gets overlooked: the actual type of mortgage you choose.
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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
Not all mortgages work the same way
When you're shopping for a home or thinking about refinancing, the type of loan you choose matters as much as the interest rate. Fixed-rate mortgages lock in your payment for the life of the loan—predictable and steady. Adjustable-rate mortgages start lower but can move over time. Government-backed loans like FHA and VA have different down payment and credit requirements than conventional mortgages. Each program has real trade-offs, and the right one depends on your timeline, how long you plan to stay in your home, and your comfort with payment changes. Understanding which loan fits your situation is one of the smartest things you can do before you apply. I'd be happy to walk you through how each one works and which might make sense for you. Let's discuss which loan program fits your goals—reach out anytime.
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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
Elite Lending Team
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