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Mortgage Market Update
My Mortgage Company
Brian Emerson
Tuesday, October 20, 2026
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Why closing costs aren't what most people think |
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When you're buying or refinancing, closing costs are part of the picture—but they're often misunderstood. Here's what's actually in them and why it matters.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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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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Closing Costs
What closing costs actually are (and where they go)
Closing costs surprise a lot of people. They're the fees and expenses that show up at the end of a purchase or refinance—things like title insurance, appraisal, credit checks, attorney fees, and lender fees. Together, they usually run a percentage of your loan amount. The good news: you'll see an itemized breakdown well before closing day, so there are no last-minute shocks. Better news: there are often ways to structure them. Some borrowers roll closing costs into the loan itself, others negotiate with the seller to cover a portion, and some programs let you pay less upfront. Understanding what you're paying for helps you make a smarter decision about which option works for your situation. Let me walk you through what closing costs would look like for your specific scenario.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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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
Brian Emerson
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