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Mortgage Market Update
Rob luliucci Rob luliucci
Rob luliucci
Friday, November 6, 2026
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One way to cut your loan shorter |
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Most homeowners have heard that extra mortgage payments help, but few understand how much they actually help. Here's what happens when you pay a little more toward principal.
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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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Prepayment Strategy
Extra payments hit your principal faster than you think
One question I hear often: if I pay a little extra each month, does it really make a difference? The answer is yes—and the math is more encouraging than most people realize. When you make an additional payment toward principal, you're not just chipping away slowly. You're actually shortening the life of your loan and reducing the total interest you'll pay over time. Even modest extra payments, made consistently, can add up to meaningful savings. The key is understanding how your loan is structured so those extra dollars go where they're supposed to. I'd be happy to walk you through the numbers on your specific situation and show you what different payment scenarios could look like. Let's talk about whether a prepayment strategy makes sense 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 Rob luliucci Rob luliucci team any time and we'll walk you through your options. |
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