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Mortgage Market Update
My Mortgage Company
Matt LaRussa
Friday, November 6, 2026
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The real benefit of paying extra each month |
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One of the smartest moves a homeowner can make is understanding how their payments actually work. This week, I want to explain what really happens when you pay more than the minimum.
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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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Smart Prepayment
What happens when you pay extra toward your mortgage
A lot of borrowers ask me if it makes sense to throw extra money at their mortgage when they can. The short answer: it depends on your situation. When you pay more than your monthly payment, that extra goes straight to principal—meaning you build equity faster and pay less interest over the life of the loan. But before you redirect every spare dollar, it's worth thinking about whether you have an emergency fund in place, other high-interest debt to tackle first, or goals that might need that cash. The math can work beautifully, but only if it fits your actual life. I'm happy to walk through what extra payments would mean for your specific loan. Let's talk through whether accelerated payments make sense for you right now.
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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
Matt LaRussa
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