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Mortgage Market Update
Colt Lending Powered by Edge Home Finance
Colt Lending Powered by Edge Home Finance
Saturday, October 31, 2026
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When your mortgage payment stops fitting your budget |
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Sometimes life reminds us that our financial picture isn't fixed in stone. Here's what you can actually do about it.
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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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Home Ownership
What to do if your mortgage payment just got harder
Life changes fast. A job shift, medical expense, or unexpected cost can make your current mortgage payment feel tight—even if it was comfortable when you took out the loan. The good news: you have options, and you don't have to suffer in silence. Depending on your situation, you might refinance to a longer loan term, explore a different loan type, tap your home's equity, or simply get a clearer picture of your finances. Some people worry that asking about alternatives means admitting failure. It doesn't. Smart homeowners review their situation regularly and make adjustments when their circumstances change. That's just good money sense.
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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 Colt Lending Powered by Edge Home Finance team any time and we'll walk you through your options. |
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112 Queen Anne Dr, Leander, TX 78641
(682) 270-9245 | https://coltlending.com/
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