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Mortgage Market Update
My Mortgage Company
Matt Vern
Tuesday, November 3, 2026
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Extra mortgage payments: worth it or not? |
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One of the smartest moves you can make with your home is understanding how to build wealth in it. Today I want to talk about a question I hear pretty often.
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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
What happens when you pay extra toward your mortgage
A lot of my clients ask whether it makes sense to throw extra money at their mortgage when they can afford it. The answer depends on your situation. Extra payments do build equity faster and can shorten your loan term, which means less interest paid overall. But before you redirect money toward your mortgage, it's worth looking at your complete financial picture—emergency savings, other debts, retirement contributions. Sometimes a small extra payment makes sense; sometimes it doesn't. The key is understanding what actually happens to that money and making a choice that fits your goals, not just following a rule you heard somewhere. Let's talk through what makes sense for you. Reach out if you'd like to walk through the numbers on your 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 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
Matt Vern
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