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Tuesday, November 3, 2026 |
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Mortgage Market Update
Does paying extra on your mortgage actually help?
One of the most common questions I hear is whether extra mortgage payments are worth the effort. Let me share what the math looks like.
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National Mortgage Rates · November 2, 2026
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Conventional 30-Year
7.25%
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Source: Optimal Blue daily mortgage indices via FRED · Includes our pricing adjustment
Rates shown are national mortgage index rates plus our pricing adjustment, 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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Payment Strategy
What happens when you pay extra toward your mortgage
A lot of homeowners wonder if making extra payments on their mortgage actually moves the needle. The answer is yes—and the impact compounds over time. When you pay more than your monthly amount, that extra goes straight to principal, which means you're building equity faster and reducing the total interest you'll pay over the life of the loan. Even small extra payments add up. The key is understanding your loan terms: some mortgages have prepayment penalties (rare, but worth knowing), and some require you to specify that extra money go to principal. I always recommend clarifying with your lender how to structure extra payments so they work the way you intend. If you're thinking about accelerating your payoff or just want to understand your options better, I'm here to walk through what makes sense for your situation.
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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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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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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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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 Chris Laye team any time and we'll walk you through your options.
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460 Shadowood Ct Roswell GA 30075
678-313-4879
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