Mortgage Market Update

My Mortgage Company

Gregory Vassilatos

Friday, November 6, 2026

Loan types: what you actually need to know

There's more to choosing a mortgage than picking a rate. The structure of your loan—how long it lasts, how it adjusts, what program it falls under—shapes your entire borrowing experience.

National Mortgage Rates · November 4, 2026

Conventional 30-Year

7.12%

FHA 30-Year

6.90%

VA 30-Year

6.76%

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.

Mortgage Basics

Why your loan type matters more than you think

When you're shopping for a mortgage, the interest rate gets all the attention—but the loan itself deserves just as much thought. A 30-year fixed, a 15-year fixed, an adjustable-rate mortgage, an FHA loan, a conventional loan—they all work differently and affect your finances in different ways. The right choice depends on how long you plan to stay in your home, your comfort with payment changes, your down payment, and your income. I've seen borrowers save money by choosing a shorter loan term, and I've seen others sleep better at night with a longer one. There's no universal answer, which is why it's worth talking through your options before you commit. I'm here to walk you through how each program works and what might fit your situation best.

Let's talk about which loan type makes sense for you.

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

My Mortgage Company

Gregory Vassilatos

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