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Mortgage Market Update
Veronica DeWitt
Barrett Financial
Tuesday, November 3, 2026
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Extra payments: worth it or not? |
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I spend a lot of time helping people understand their mortgages—not just the monthly payment, but how their choices affect the years ahead. This week, let's look at one decision that comes up more often than you'd think.
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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 Off Early
What happens when you pay extra on your mortgage
One question I hear often: if I put more money toward my loan each month, does it actually help? The answer is yes—and the math is worth understanding. When you make extra principal payments, you're directly reducing the amount you owe, which means less interest accrues over time and you build equity faster. Even small additional payments compound over the life of your loan. That said, extra payments only make sense if your other financial goals are covered first—emergency fund, high-interest debt, retirement contributions. I can walk you through whether accelerating your payoff makes sense for your situation, and if it does, what payment strategy works best with your specific 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 Veronica DeWitt team any time and we'll walk you through your options. |
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5750 Sunrise Blvd Ste 130 ECitrus Heights, CA 95610
5103968994 | www.dewitthomeloans.com
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