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Mortgage Market Update
My Mortgage Company
Barrett Financial Group - Marco Guzman
Tuesday, October 20, 2026
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Extra payments toward your mortgage: are they worth it? |
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Hey there — this week I want to tackle a question that comes up more often than you'd think.
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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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Paying Down Your Loan
What happens when you pay extra toward principal
One question I hear often: is it worth putting extra money toward my mortgage payment each month? The short answer is yes — but let me explain why. When you pay more than your regular payment, that extra goes directly to principal, which means you build equity faster and pay less interest over the life of the loan. Even small extra payments add up over time. The catch is that you need to make sure your lender is actually applying that money to principal, not just holding it or crediting your next payment. I always recommend being intentional about it: either set up a separate extra payment or discuss an accelerated payment plan so you know exactly what's happening with your money. Let's talk through your paydown options and see what makes sense for 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 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
Barrett Financial Group - Marco Guzman
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