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Mortgage Market Update
My Mortgage Company
Julie Swenson
Tuesday, November 3, 2026
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Should you pay extra on your mortgage? |
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One of the smartest questions I hear is about accelerating payoff. Here's what you need to know about extra principal payments.
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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 toward your mortgage
A lot of homeowners ask me whether throwing extra money at their mortgage principal makes sense. The short answer: it depends on your situation, but for many people, it's a powerful way to build equity faster and reduce the total interest you pay over the life of the loan. Even small extra payments add up. The catch is knowing whether that's the right move for you right now—some people benefit more from keeping that cash liquid for emergencies or other priorities. I like to walk through the math with borrowers so you can see the real impact. If you've been wondering whether extra payments would help your specific loan, I'd be happy to show you what the numbers look like. Let's talk about whether prepayment makes sense for your mortgage.
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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
Julie Swenson
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