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Mortgage Market Update
My Mortgage Company
Eddie Berengue — Edge Home Finance
Friday, November 6, 2026
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Where does your mortgage payment really go? |
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I get asked a lot about what portion of each payment actually builds ownership. It's a smart question—and the answer often surprises people.
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National Mortgage Rates · November 4, 2026
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Conventional 30-Year
7.12%
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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 much of your payment actually goes toward ownership?
Every mortgage payment you make splits into two parts: interest (which goes to your lender) and principal (which builds your equity). Early on, most of your payment covers interest. But as months and years pass, that balance shifts, and more of each payment goes toward owning your home outright. Understanding this breakdown helps you see the real wealth-building happening beneath the surface—and it matters when you're thinking about refinancing, selling, or just wanting to know where your money goes. If you'd like to see exactly how your payment divides between principal and interest, I'm happy to walk through those numbers with you. Let's talk about what your payment is actually doing for you.
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Tip of the Week
Closing costs typically run 2-5% of the loan amount. Ask your lender for a Loan Estimate so there are no surprises.
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Tips for Homeowners
Protecting Yourself from Mortgage Scams
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1.
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Wire fraud is one of the fastest-growing real estate scams. Never wire closing funds based solely on email instructions — always verify account numbers by calling your title company at a number you look up yourself.
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2.
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Loan modification and foreclosure rescue scams target homeowners in distress. Legitimate help is available free through HUD-approved counseling agencies at 800-569-4287.
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3.
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Be wary of unsolicited offers to refinance or cash out equity at terms that sound unusually favorable. If someone contacts you out of the blue, verify their NMLS license number at nmlsconsumeraccess.org.
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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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