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Mortgage Market Update
My Mortgage Company
Michael Easton — Michael Easton Powered by Edge Home Finance
Saturday, October 31, 2026
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What happens to your extra mortgage payments |
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Most of us want to pay off our homes faster, but extra payments don't always work the way we assume. Here's what you should know.
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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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Paying Down Mortgage
Your extra payments might be doing more than you think
If you've been throwing a little extra at your mortgage each month, that's a solid habit—but it's worth understanding exactly where that money goes. Some borrowers assume extra payments automatically shorten the loan term, while others wonder if they're even making a dent. The truth depends on how your lender applies those funds and what your loan documents say. A few extra dollars per month can add up over time, but the impact varies. I've seen borrowers surprised to learn they could redirect that same discipline toward a different goal—or amazed to see how much faster they're building equity. Either way, it's worth a conversation. I'm happy to walk you through how your specific loan handles extra principal and help you decide if your strategy is working the way you want it to. Let's talk about what your extra payments are actually doing for you.
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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
Michael Easton — Michael Easton Powered by Edge Home Finance
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