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Mortgage Market Update
My Mortgage Company
Raven Taylor
Friday, November 6, 2026
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Picking the wrong loan type happens more than you'd think |
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Most people focus on interest rates when they're evaluating a mortgage—but the loan type itself matters just as much. Here's why getting that choice right from the start can save you real money over time.
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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 Program Fit
The loan type mistake that costs thousands
I see this often: someone gets approved for a loan program, takes it, and later realizes a different program would have served them better. Maybe they locked into a 30-year fixed when a 15-year would've built equity faster. Maybe they chose an adjustable rate without understanding what happens when it adjusts. Maybe they missed a program designed exactly for their situation—lower down payment, better terms, different rules. The right loan type depends on your timeline, risk tolerance, and financial goals, not just what's available. That's why I always spend time understanding what you actually need before we talk about what we can offer. If you're thinking about a mortgage or wondering whether your current loan is the best fit, let's talk through your specific picture. Reach out—I'm happy to walk through which loan type makes 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
Raven Taylor
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