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Mortgage Market Update
Thomas Abbate
Thomas Abbate
Saturday, October 31, 2026
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Should you pay extra on your mortgage? |
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Hello,
I wanted to tackle a money question that comes up more often than you'd think.
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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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Smart Borrowing
When paying more upfront saves money later
One of the questions I hear most often is whether it makes sense to put extra money toward a mortgage payment or keep that cash in the bank. The answer depends on your situation, but there's real value in understanding how principal payments work. When you pay down your loan balance faster, you reduce the total interest you'll pay over the life of the loan—sometimes significantly. That said, extra cash also gives you flexibility for emergencies or opportunities. The key is knowing your options and being intentional about the choice, rather than just defaulting to minimum payments because that's what feels normal. Let's talk through what makes sense for your goals and cash flow.
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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 Thomas Abbate team any time and we'll walk you through your options. |
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