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Mortgage Market Update
My Mortgage Company
Trevor Flaten
Tuesday, November 3, 2026
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Paying down your mortgage faster than you think |
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Hello,
Lots of people wonder if small, consistent extra payments actually make a real difference. Spoiler: they do.
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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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Payment Strategy
One small change that compounds over time
If you're carrying a mortgage, you've probably wondered whether extra payments actually move the needle. They do—more than you'd think. Even modest overpayments toward principal can shorten your loan term and reduce the total interest you pay over the life of the loan. The beauty is you don't need a windfall to start; many borrowers find room in their budget for an extra $50 or $100 per month. Of course, this only makes sense if you're comfortable with the cash flow and don't have higher-interest debt to tackle first. If you're curious whether this strategy could work for your situation—or wondering if your current loan terms allow for flexible payments—I'd love to walk through the math with you. Reach out and we can talk through whether a payment plan like this fits 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
Trevor Flaten
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