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Mortgage Market Update
My Mortgage Company
Jeffrey Dale Driggers
Friday, November 6, 2026
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Extra mortgage payments: are they worth it? |
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Hi there,
I wanted to tackle a question that comes up surprisingly often, and it's one worth thinking through carefully.
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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 Mortgage
Should you throw extra money at your mortgage?
One of the most common questions I get is whether it makes sense to pay down a mortgage faster by sending in extra principal payments. The honest answer is: it depends on your full financial picture. Extra payments do build equity faster and reduce the total interest you'll pay over the life of the loan. But before you redirect money toward your mortgage, it's worth asking whether you have an emergency fund in place, high-interest debt to tackle, or other financial goals that need attention first. The order matters. I'm happy to walk through your situation and help you think through whether accelerating your mortgage payoff fits your priorities right now. Let's talk about whether extra payments make sense for your goals.
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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
Jeffrey Dale Driggers
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