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Mortgage Market Update
Rad Mortgage
Rad Mortgage - Personal Account
Friday, November 6, 2026
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Where your extra mortgage payment actually goes |
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A Note From Rad Mortgage
This week we were able to help a family move into their first home and got them cleared to close in under 10 days! We are grateful for any referrals and would love to provide this experience for any of your family and friends!
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One of the smartest things you can do as a homeowner is understand exactly how your money works on your loan. This week, let's talk about principal paydown and why it matters.
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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 Your Mortgage
What happens when you pay extra toward principal
One question I hear often: if I send in an extra payment or a lump sum, where does that money actually go? The answer matters more than you might think. When you make a regular monthly payment, a chunk goes to interest and a chunk goes to principal—the lender's rules, not yours. But when you send extra money and specify it goes to principal, you're directly reducing what you owe. That shrinks the balance faster, which means less interest paid over time and a shorter loan overall. It's one of the few moves you control entirely on your own, without refinancing or changing your loan terms.
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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 Rad Mortgage team any time and we'll walk you through your options. |
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4802720845 | radcliffemortgageteam.com
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