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Mortgage Market Update
Craig Heitz
Craig Heitz
Saturday, October 31, 2026
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What extra mortgage payments actually do |
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I'm noticing more people want to build equity faster in their homes. This week, let's look at how extra payments work and whether they're right for you.
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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 Your Loan
What happens when you pay extra on your mortgage
One question I get often: if I send in an extra payment or a lump sum, where does that money actually go? The answer matters because it changes how your loan works. Extra payments toward principal reduce the amount you owe and shorten your loan timeline, which means less interest paid overall. But you'll want to make sure your lender applies it correctly—some require specific instructions to do this. Even small regular additions can add up over time. If you're thinking about accelerating your payoff or wondering whether extra payments make sense for your situation, I'd love to walk through the math with you. Let's talk about whether extra payments fit your financial plan.
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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 Craig Heitz team any time and we'll walk you through your options. |
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