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Mortgage Market Update
My Mortgage Company
Errol Fenty — Errol Fenty
Friday, November 6, 2026
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Does your down payment limit your options? |
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Hi there. This week I want to walk you through something that affects almost every borrower, but often gets overlooked: how your down payment connects to your loan choices.
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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 Programs
What your down payment amount unlocks
Your down payment size does more than determine your initial loan amount — it shapes which loan programs you qualify for, what your rate might look like, and whether you'll carry mortgage insurance. A larger down payment can open doors to better terms. But here's what many people don't realize: you may not need as much saved as you think. Different loan programs have different minimums, and some are designed specifically for buyers with smaller savings. The right program for you depends on your situation, your timeline, and what you're comfortable putting down. If you're ready to buy, or thinking about it, it's worth having a conversation about what's actually possible with the money you have today. Let's talk through your down payment options and see which program makes sense for you.
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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
Errol Fenty — Errol Fenty
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