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Mortgage Market Update
My Mortgage Company
Liah Jones
Friday, November 6, 2026
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Should you pay extra on your mortgage? |
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Hi there — I've noticed a lot of questions coming in about whether extra mortgage payments are a smart move. Let me share some honest thoughts on when they really work for you.
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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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Mortgage Basics
When paying extra on your mortgage actually works
A lot of people ask whether throwing extra money at their mortgage payment each month is worth it. The short answer: it depends on your bigger financial picture. Extra payments can build equity faster and reduce how much interest you pay over the life of the loan — but only if you're not sacrificing an emergency fund, retirement savings, or paying down higher-interest debt first. The math works best when you have a solid financial foundation and a clear goal, like paying off your home years earlier. I'm happy to walk through what makes sense for your situation, no pressure either way. Let's talk about whether extra payments fit your plan.
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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
Liah Jones
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