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Mortgage Market Update
My Mortgage Company
Gerardo Marin
Friday, November 6, 2026
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You might pay this off faster than you think |
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I work with homeowners at every stage of their mortgage journey. This week, let's talk about something that gives a lot of people peace of mind: paying down your loan ahead of schedule.
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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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Payoff Strategy
Your mortgage doesn't have to take 30 years
One question I hear often: do I really have to pay this loan off over three decades? The answer is no. While your loan term is set, you have real control over how fast you build equity and how much interest you'll pay over time. Even small extra payments toward principal can add up—and the earlier you make them, the more they compound in your favor. Some people throw annual bonuses at it; others round up their payment by fifty bucks a month. It's not about being aggressive or perfect—it's about what feels right for your situation and budget. If you've wondered whether a faster payoff strategy could work for you, I'd love to walk through the numbers and show you what different approaches might look like. Reach out if you'd like to explore what an accelerated payoff could mean for your specific loan.
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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
Gerardo Marin
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