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Mortgage Market Update
My Mortgage Company
Javier Martinez's Account
Wednesday, September 2, 2026
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Should you pay extra on your mortgage? |
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Hi there. This week I want to tackle a question I hear often from homeowners who are thinking about their long-term payoff strategy.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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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Refinancing Strategy
When paying off your mortgage early actually makes sense
A lot of homeowners ask me if they should put extra money toward their mortgage principal. The honest answer is: it depends. Paying down your loan faster builds equity quickly and saves you interest over time, which feels great. But before you throw extra cash at the mortgage, make sure you're not missing out on other financial moves—like maxing out retirement accounts or building an emergency fund. The right strategy depends on your rate, your goals, and what else is happening with your finances. There's no one-size-fits-all answer, which is why it's worth talking through your specific situation. I'm here to help you think it through. Let's talk about whether an accelerated payoff plan makes sense for you.
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Tip of the Week
Your mortgage interest may be tax-deductible if you itemize. Check with your tax professional to see if it benefits you.
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Tips for Homeowners
Understanding Mortgage Points
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1.
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One mortgage point equals 1% of your loan amount. Paying points ("buying down the rate") reduces your interest rate — typically 0.25% per point, though this varies by lender and market.
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2.
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Calculate your break-even: divide the cost of the points by your monthly savings. If it takes 4 years to break even and you plan to stay 10 years, buying points makes sense.
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3.
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Points paid on a home purchase are generally tax-deductible in the year paid (if you itemize). Points on a refinance must be deducted over the life of the loan.
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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
Javier Martinez's Account
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