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Mortgage Market Update
My Mortgage Company
The Prospering Home Loans Team
Tuesday, November 3, 2026
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Should you pay your mortgage faster |
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One of the most common questions I hear is about paying down a mortgage ahead of schedule. Here's how to think about it.
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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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Refinancing Strategy
When paying down your loan early actually makes sense
A lot of people ask whether they should throw extra money at their mortgage or put it elsewhere. The honest answer depends on your situation. If you're years into a loan, extra payments can shorten the life of your mortgage and reduce interest over time—but that's not always the best use of your cash. We look at your rate, timeline, and financial goals to help you figure out if acceleration makes sense, or if keeping that flexibility matters more. Sometimes the smartest move isn't the most aggressive one. Let's talk through your specific scenario. Reach out anytime to walk through the numbers together. Get in touch and we can look at what works best for your finances.
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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
The Prospering Home Loans Team
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