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Mortgage Market Update
My Mortgage Company
Simone Phillip
Tuesday, November 3, 2026
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Should you refinance or just pay extra? |
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One of the smartest moves a homeowner can make is asking the right question at the right time. This week, I want to tackle a decision that can genuinely move the needle on your mortgage.
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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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Refinance Strategy
When paying down your loan makes sense
One question I hear often: should I refinance, or just make extra payments toward principal? The honest answer is—it depends on your situation. If rates have dropped meaningfully since you borrowed, refinancing can lower your monthly payment or shorten your loan term. But if rates are similar to what you locked in, extra payments might get you to payoff faster without the closing costs of a new loan. Some borrowers do both: refinance into a better rate, then put savings back into principal. The key is understanding your own timeline and goals. If you're wondering which path makes sense for you, I'd love to walk through the numbers. Let's talk about whether refinancing or extra payments fits your plan better.
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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
Simone Phillip
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