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Tuesday, October 20, 2026 |
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Mortgage Market Update
Should you pay extra on your mortgage?
Hi there. This week I want to tackle a question I hear a lot from homeowners who are thinking strategically about their loan.
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National Mortgage Rates · October 16, 2026
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Conventional 30-Year
7.28%
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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
What happens when you pay extra on your mortgage
A lot of homeowners wonder if sending an extra payment toward their mortgage actually makes a difference. The short answer: it does, and the impact compounds over time. Extra payments go straight to principal, which means you're building equity faster and reducing the total interest you'll pay over the life of the loan. Even small additional payments—whether monthly or occasional—can meaningfully shorten your payoff timeline. The key is understanding how your lender handles those extra funds and making sure they're applied correctly. If you're thinking about accelerating your payoff or just want to understand your options better, I'd be happy to walk through the math with you. Reach out if you'd like to talk through a payoff strategy that fits your situation.
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Tip of the Week
Your loan officer can run a credit simulator to show exactly which actions will move your score the most.
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Tips for Homeowners
Year-End Tax & Mortgage Planning
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1.
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Consider making your January mortgage payment in December to get an extra month of deductible interest in the current tax year (consult your tax advisor first).
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2.
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If you plan to sell next year, now is a good time to document improvements — receipts and records add to your cost basis and reduce taxable capital gain at sale.
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3.
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Review your W-4 withholding if you bought a home this year — your mortgage interest deduction may mean you're having too much withheld from each paycheck.
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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 Ashli Huron team any time and we'll walk you through your options.
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2102916167
NMLS# 1577691
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