Shantian Simmons · November 6, 2026

What's the difference between these mortgage types?

Mortgage Market Update

My Mortgage Company

Shantian Simmons

Friday, November 6, 2026

What's the difference between these mortgage types?

There are several ways to finance a home, and each one has its own rules and benefits. Let's break down why that matters to you.

National Mortgage Rates · November 4, 2026

Conventional 30-Year

7.12%

FHA 30-Year

6.90%

VA 30-Year

6.76%

Rate trend

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.


Loan Programs

Not all mortgages work the same way

If you've been shopping for a home or thinking about refinancing, you've probably heard terms like fixed-rate, adjustable-rate, FHA, VA, or conventional. Here's the thing: these aren't just different names. They come with different rules, different benefits, and different costs—and the right choice depends on your situation, not just what sounds familiar. A fixed-rate mortgage keeps your payment stable forever. An adjustable-rate mortgage might start lower but can change over time. Government-backed programs like FHA or VA have their own eligibility and perks. Understanding which program fits your goals, timeline, and finances is one of the smartest moves you can make as a borrower. I'd love to walk you through your options and help you see which one makes sense for you.

Reach out if you'd like to talk through which loan program might work best for your situation.

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.

Tips for Homeowners

Protecting Yourself from Mortgage Scams

1.

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.

2.

Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.

3.

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.

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.

Your Mortgage Advisor

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My Mortgage Company

Shantian Simmons

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