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Mortgage Market Update
My Mortgage Company
Johnny McCollum
Tuesday, November 3, 2026
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When paying extra on your mortgage actually helps |
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We talk a lot about rates and loan types, but I want to cover something that affects people once they're in a home: what to do with extra money when you have it.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.13%
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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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Prepayment Strategy
What happens when you pay extra on your mortgage
A lot of people ask me whether throwing extra money at their mortgage actually makes sense. The short answer: it depends on your situation. When you pay more than your regular payment, that extra amount goes straight to principal, which means you build equity faster and pay less interest over the life of the loan. But before you commit to a higher monthly payment, think about your other financial goals—emergency savings, retirement, high-interest debt. Sometimes keeping that flexibility matters more than paying off your home a few years earlier. I'm happy to walk through the math with you and show what different payment levels would look like for your specific loan. Let's talk through whether prepayment makes sense for your goals.
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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 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
Johnny McCollum
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