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Mortgage Market Update
My Mortgage Company
Eddie Berengue — Edge Home Finance
Saturday, October 31, 2026
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The part of your payment that builds your wealth |
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Hello, I hope things are going well for you and your family. This week I want to shed some light on a part of homeownership that often goes unnoticed—but really matters.
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National Mortgage Rates · October 29, 2026
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Conventional 30-Year
7.15%
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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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Equity Building
How your mortgage payment works harder than you think
Every payment you make splits into two parts: interest (what goes to your lender) and principal (what builds your ownership stake). Early on, more of your payment covers interest. But as time passes, that balance shifts—and you start building real equity faster than you might realize. Understanding this rhythm helps you see your mortgage as the wealth-building tool it actually is, not just a bill. If you're curious about where you stand with your loan right now, or wondering if a different strategy could accelerate your equity growth, I'd love to walk through the numbers with you. Let's talk about your loan and your timeline.
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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
Eddie Berengue — Edge Home Finance
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