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Mortgage Market Update
My Mortgage Company
Ryan Skerritt
Tuesday, November 3, 2026
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Does paying extra actually help? |
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One question I hear often: is it worth putting extra money toward the mortgage? Here's what you should know.
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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
What paying extra on your mortgage actually does
A lot of homeowners wonder if making extra payments toward principal makes a real difference. The answer is yes—but the impact depends on where you are in your loan. Early on, extra payments chip away at interest you'd otherwise pay over the life of the loan. Later, they build equity faster and can shorten your payoff timeline. The catch: it only works if your loan allows it without penalties, and only if the math makes sense for your overall finances. Before you commit to extra payments, it's worth looking at your full picture—your rate, how long you plan to stay, and whether that money might serve you better elsewhere. I'd love to walk through the numbers with you and see what strategy makes the most sense. Let's talk through your payoff options—reach out whenever you're ready.
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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
Ryan Skerritt
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