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Mortgage Market Update
My Mortgage Company
Michael Vazquez
Friday, November 6, 2026
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Extra cash and your mortgage—where should it go? |
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Hi there. One of the smartest questions a homeowner can ask is how to use extra money wisely. Today I want to walk you through the trade-offs of paying down your mortgage early.
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National Mortgage Rates · November 5, 2026
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Conventional 30-Year
7.18%
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Source: Optimal Blue daily mortgage indices via FRED · 30-yr: Freddie Mac weekly survey
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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Paying Down Principal
Should you put extra toward your mortgage?
One question I hear often: if I have some extra money, should I throw it at my mortgage balance? The answer depends on your situation. Paying down principal builds equity faster and reduces the total interest you'll pay over the life of the loan—that's a real financial win. But it also means that money is locked into your home and less available for emergencies or opportunities. If you're carrying higher-interest debt, tackling that first usually makes more sense. If your cash reserves are solid and you're confident about your income, extra principal payments can be a smart move. The key is making sure it aligns with your full financial picture, not just your gut feeling. I'd love to talk through what makes sense for you. Let's discuss whether extra principal 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
Michael Vazquez
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