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Mortgage Market Update
My Mortgage Company
Ryan Harding — PLAY HARDING LLC
Saturday, October 31, 2026
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Pre-approval isn't a guarantee—here's why |
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Hi there. I want to clear up one of the biggest misconceptions I see when people start their home search.
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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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Getting Pre-Approved
What pre-approval actually tells you
A pre-approval letter isn't just a piece of paper to wave at sellers—it's a real snapshot of what you can borrow based on your financial picture today. It tells a lender that you've passed a review of your credit, income, and assets. But here's what matters: pre-approval isn't a promise. Your financial situation can change between approval and closing, rates can move, or new debts can shift what you qualify for. Think of it as a green light to start house hunting with confidence, not a guarantee locked in stone. If you're buying soon or thinking about it, getting pre-approved early means you'll know your actual range and you won't waste time looking at homes outside what you can afford. Let's talk about what pre-approval looks like for your situation.
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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 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
Ryan Harding — PLAY HARDING LLC
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