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Mortgage Market Update
My Mortgage Company
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Tuesday, November 3, 2026
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The real power of paying a little extra |
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Hi there. This week I want to cover something that comes up a lot in conversations with homeowners—and it's worth understanding.
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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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Paying Down Principal
What happens when you pay extra on your mortgage
One question I hear often: does it actually matter if I pay a little extra toward my mortgage each month? The answer is yes—and the math is simpler than you might think. Every dollar you put toward principal reduces the amount you owe and cuts the interest you'll pay over the life of your loan. Even small extra payments add up over time. Some borrowers find room in their budget for an extra payment once a year, others round up each month. The strategy that works depends on your situation, but the principle stays the same: more principal paid now means less interest paid later, and you build equity faster. If you're curious whether a paydown plan makes sense for your loan, I'd love to walk through the numbers with you. Let's talk about whether extra payments fit your budget and 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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