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Mortgage Market Update
My Mortgage Company
Liah Jones
Tuesday, November 3, 2026
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Should you pay extra on your mortgage? |
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Hi there — I've noticed a lot of questions coming in about whether extra mortgage payments are a smart move. Let me share some honest thoughts on when they really work for you.
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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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Mortgage Basics
When paying extra on your mortgage actually works
A lot of people ask whether throwing extra money at their mortgage payment each month is worth it. The short answer: it depends on your bigger financial picture. Extra payments can build equity faster and reduce how much interest you pay over the life of the loan — but only if you're not sacrificing an emergency fund, retirement savings, or paying down higher-interest debt first. The math works best when you have a solid financial foundation and a clear goal, like paying off your home years earlier. I'm happy to walk through what makes sense for your situation, no pressure either way. Let's talk about whether extra payments fit 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 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
Liah Jones
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