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Mortgage Market Update
My Mortgage Company
Debbie Nazarino — Debbie Nazarino
Tuesday, November 3, 2026
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Do you have to pay for 30 years? |
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Hi there. This week I want to talk about something borrowers often wonder about but rarely ask: whether there's a way to pay off your mortgage faster.
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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. Whether you're early in your mortgage or a few years in, you have real options for paying it down faster—and some of them are simpler than you'd think. Extra principal payments, biweekly payment schedules, or even refinancing to a shorter loan term can all shorten your timeline and reduce what you pay in interest over the life of the loan. The key is finding an approach that fits your budget without straining your finances. If you're curious whether accelerating your payoff makes sense for your situation, I'd love to walk through the numbers with you. Reach out if you'd like to explore what a faster payoff might look like for your 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
Debbie Nazarino — Debbie Nazarino
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