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Mortgage Market Update
My Mortgage Company
Silvia McGeary with Unity Mortgage, LLC
Friday, November 6, 2026
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What to know before you miss a payment |
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Life happens, and sometimes cash flow gets tight. I want to walk you through what actually occurs if a mortgage payment gets missed—so you know what to expect and what your real options are.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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 Basics
What happens when you miss a mortgage payment
Missing a mortgage payment is stressful, but it's important to know what actually happens—and when. Most lenders won't immediately flag you as delinquent after one missed payment; you typically have a grace period to catch up. But the sooner you get back on track, the better for your credit and your loan. If you're facing a tight month or worried about making your next payment, reaching out early makes a real difference. Your lender may have options—a temporary adjustment, a refinance, or other solutions—but only if you communicate before the situation gets worse. If you're in a rough spot, let's talk about what's actually available to you. If payment trouble is on your radar, I'd rather hear from you now than later—get in touch.
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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
Silvia McGeary with Unity Mortgage, LLC
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