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Mortgage Market Update
Rob luliucci Rob luliucci
Rob luliucci
Tuesday, November 3, 2026
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One way to cut your loan shorter |
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Most homeowners have heard that extra mortgage payments help, but few understand how much they actually help. Here's what happens when you pay a little more toward principal.
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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 Strategy
Extra payments hit your principal faster than you think
One question I hear often: if I pay a little extra each month, does it really make a difference? The answer is yes—and the math is more encouraging than most people realize. When you make an additional payment toward principal, you're not just chipping away slowly. You're actually shortening the life of your loan and reducing the total interest you'll pay over time. Even modest extra payments, made consistently, can add up to meaningful savings. The key is understanding how your loan is structured so those extra dollars go where they're supposed to. I'd be happy to walk you through the numbers on your specific situation and show you what different payment scenarios could look like. Let's talk about whether a prepayment strategy makes sense for you.
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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 Rob luliucci Rob luliucci team any time and we'll walk you through your options. |
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