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Mortgage Market Update
My Mortgage Company
Matt LaRussa
Tuesday, November 3, 2026
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The real benefit of paying extra each month |
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One of the smartest moves a homeowner can make is understanding how their payments actually work. This week, I want to explain what really happens when you pay more than the minimum.
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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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Smart Prepayment
What happens when you pay extra toward your mortgage
A lot of borrowers ask me if it makes sense to throw extra money at their mortgage when they can. The short answer: it depends on your situation. When you pay more than your monthly payment, that extra goes straight to principal—meaning you build equity faster and pay less interest over the life of the loan. But before you redirect every spare dollar, it's worth thinking about whether you have an emergency fund in place, other high-interest debt to tackle first, or goals that might need that cash. The math can work beautifully, but only if it fits your actual life. I'm happy to walk through what extra payments would mean for your specific loan. Let's talk through whether accelerated payments make sense for you right now.
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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
Matt LaRussa
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