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Mortgage Market Update
My Mortgage Company
Gerardo Marin
Tuesday, November 3, 2026
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You might pay this off faster than you think |
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I work with homeowners at every stage of their mortgage journey. This week, let's talk about something that gives a lot of people peace of mind: paying down your loan ahead of schedule.
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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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Payoff Strategy
Your mortgage doesn't have to take 30 years
One question I hear often: do I really have to pay this loan off over three decades? The answer is no. While your loan term is set, you have real control over how fast you build equity and how much interest you'll pay over time. Even small extra payments toward principal can add up—and the earlier you make them, the more they compound in your favor. Some people throw annual bonuses at it; others round up their payment by fifty bucks a month. It's not about being aggressive or perfect—it's about what feels right for your situation and budget. If you've wondered whether a faster payoff strategy could work for you, I'd love to walk through the numbers and show you what different approaches might look like. Reach out if you'd like to explore what an accelerated payoff could mean for your specific loan.
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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
Gerardo Marin
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