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Mortgage Market Update
Tim Stacey
Tim Stacey
Thursday, September 3, 2026
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Extra mortgage payments: where do they go? |
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Hi there. I wanted to cover something practical this week that comes up in conversations more often than you'd expect.
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National Mortgage Rates · August 27, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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
What happens when you pay extra on your mortgage
One question I get often: if I send in an extra payment or round up my monthly payment, where does that money actually go? The answer matters more than you might think. When you pay above your regular amount, that extra typically goes straight to principal—meaning you're building equity faster and reducing the total interest you'll pay over the life of the loan. Even small additional payments add up over time. That said, it's worth understanding your loan terms first. Some loans have prepayment considerations, and I always recommend making sure extra payments are applied the way you intend. The bottom line: taking control of your payoff timeline is a powerful move, but it helps to have a clear plan. If you'd like to talk through your specific situation and how extra payments could work for you, I'm here to help.
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Tip of the Week
Schedule a plumber to inspect older homes for slow leaks — water damage is expensive and often hidden until it's serious.
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Tips for Homeowners
Jumbo Loans: What They Are and How They Work
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1.
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A jumbo loan exceeds the conforming loan limit set by the FHFA — $766,550 in most areas for 2024, higher in designated high-cost markets. These loans can't be sold to Fannie Mae or Freddie Mac.
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2.
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Jumbo loans typically require stronger credit (often 700+), larger down payments (10–20%), and more cash reserves. Underwriting is more thorough and can take longer.
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3.
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Rates on jumbo loans are sometimes comparable to or even lower than conforming rates, depending on market conditions. Don't assume a jumbo loan means a worse deal — shop lenders.
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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 Tim Stacey team any time and we'll walk you through your options. |
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