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Mortgage Market Update
My Mortgage Company
Steve Orloff
Friday, November 6, 2026
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Why your neighbor's loan might not work for you |
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Every homeowner's situation is different—and that means every mortgage should be too. This week, I want to talk about finding the right fit.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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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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Loan Programs
Why your neighbor's loan might not work for you
There's no single 'best' mortgage—what works depends on your situation. Some borrowers need flexibility; others prioritize predictability. Some have substantial down payments; others are building equity from day one. The loan program that made sense for your friend, your family member, or the person down the street may not be the right fit for your goals, timeline, or finances. That's why I always start by listening: How long do you plan to stay? What does your budget need to do? Are you buying, refinancing, or both? The answers help us narrow down which program actually serves you. If you're curious whether you're in the right loan, or wondering what options exist that you haven't considered, I'd love to walk through it together. Reach out if you'd like to talk through which loan program makes the most sense for where you are right now.
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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
Steve Orloff
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