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Mortgage Market Update
Samuel Ham
Samuel Ham
Tuesday, November 3, 2026
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One simple move to build equity faster |
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Hi there. I wanted to share something I see help a lot of homeowners take charge of their financial future. It's practical, straightforward, and completely optional—but it works.
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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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Paying Down Principal
What happens when you pay extra toward your mortgage
Every payment you make chips away at your loan balance, but did you know you can accelerate that process? When you pay extra toward principal—even small amounts—you're building equity faster and reducing the total interest you'll pay over the life of the loan. The mechanics are straightforward: extra payments go directly to reducing what you owe, which means less interest accrues on a smaller balance going forward. Some borrowers round up their monthly payment; others make one extra payment per year. It's not a requirement, and it won't change your regular payment obligation, but it's a powerful way to take control of your mortgage on your own terms. If you're curious whether this strategy makes sense for your situation, I'd love to walk through the numbers with you. Reach out if you'd like to talk through how extra payments could work in your plan.
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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 Samuel Ham team any time and we'll walk you through your options. |
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