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Mortgage Market Update
My Mortgage Company
Matt Vern
Friday, November 6, 2026
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Extra mortgage payments: worth it or not? |
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One of the smartest moves you can make with your home is understanding how to build wealth in it. Today I want to talk about a question I hear pretty often.
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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
What happens when you pay extra toward your mortgage
A lot of my clients ask whether it makes sense to throw extra money at their mortgage when they can afford it. The answer depends on your situation. Extra payments do build equity faster and can shorten your loan term, which means less interest paid overall. But before you redirect money toward your mortgage, it's worth looking at your complete financial picture—emergency savings, other debts, retirement contributions. Sometimes a small extra payment makes sense; sometimes it doesn't. The key is understanding what actually happens to that money and making a choice that fits your goals, not just following a rule you heard somewhere. Let's talk through what makes sense for you. Reach out if you'd like to walk through the numbers on your 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
Matt Vern
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