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Mortgage Market Update
Tyler Bottermuller
Tyler Bottermuller
Saturday, October 31, 2026
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Loan term: the choice that changes everything |
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Hi there, I wanted to touch on something that often gets overlooked when people are shopping for a mortgage. Your loan term is just as important as your rate.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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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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Smart Borrowing
Why your loan term matters more than you think
When you're shopping for a mortgage, the interest rate gets all the attention. But the length of your loan — whether it's 15 years, 20 years, 30 years, or something in between — shapes your entire financial picture. A longer term means lower monthly payments but more interest paid over time. A shorter term builds equity faster and costs less overall, but the payments are higher. There's no universal "right" answer; it depends on your income, goals, and how long you plan to stay in the home. The good news is that you have options, and we can walk through what each one looks like for your situation. If you've never really thought through this trade-off, it's worth a conversation. Let's talk about which loan term makes sense for your goals.
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Tip of the Week
Refinancing resets your amortization clock. If you're 10 years into a 30-year loan, consider a shorter term to avoid paying more total interest.
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Tips for Homeowners
Co-Signing a Mortgage: What You're Really Agreeing To
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1.
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Co-signing makes you equally responsible for the debt. If the primary borrower misses payments, your credit score takes the same hit and the lender can pursue you for the full balance.
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2.
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The co-signed mortgage debt appears on your credit report and counts toward your DTI. This can limit your ability to qualify for your own financing until the loan is paid off or refinanced out of your name.
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3.
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There's no automatic way to remove yourself as a co-signer — the primary borrower must refinance the loan in their name alone. Get this understanding in writing before you sign.
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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 Tyler Bottermuller team any time and we'll walk you through your options. |
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