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Mortgage Market Update
My Mortgage Company
Justin Hill
Tuesday, November 3, 2026
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Does paying extra on your mortgage actually help? |
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Money moves aren't always obvious. Today I want to shine a light on one strategy that might surprise you with how much it can change your loan over time.
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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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Prepayment Power
What happens when you pay extra toward your mortgage
One of the questions I hear most is whether it makes sense to put extra money toward a mortgage payment. The answer depends on your whole financial picture—but the math is worth understanding. When you pay more than your required monthly payment, that extra goes straight to principal. This means you build equity faster, pay less interest over the life of the loan, and shorten your payoff timeline. Even small extra payments add up over time. But before you commit to a larger payment, make sure your emergency fund is solid and you're not sacrificing other important financial goals. I'm happy to walk through what makes sense for your situation. Let's talk about whether prepayment fits your plan.
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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
Justin Hill
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