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Mortgage Market Update
My Mortgage Company
Jeffrey Dale Driggers
Tuesday, November 3, 2026
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Extra mortgage payments: are they worth it? |
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Hi there,
I wanted to tackle a question that comes up surprisingly often, and it's one worth thinking through carefully.
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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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Paying Down Mortgage
Should you throw extra money at your mortgage?
One of the most common questions I get is whether it makes sense to pay down a mortgage faster by sending in extra principal payments. The honest answer is: it depends on your full financial picture. Extra payments do build equity faster and reduce the total interest you'll pay over the life of the loan. But before you redirect money toward your mortgage, it's worth asking whether you have an emergency fund in place, high-interest debt to tackle, or other financial goals that need attention first. The order matters. I'm happy to walk through your situation and help you think through whether accelerating your mortgage payoff fits your priorities right now. Let's talk about whether extra payments make sense for your goals.
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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
Jeffrey Dale Driggers
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