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Mortgage Market Update
My Mortgage Company
Ford Mortgage
Tuesday, October 20, 2026
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Should you pay extra on your mortgage? |
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Hi there. This week I want to tackle a question I hear pretty often from homeowners who are trying to be intentional with their money.
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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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Smart Borrowing
When paying extra on your mortgage actually helps
A lot of homeowners ask me whether they should put extra money toward their mortgage payment each month. The honest answer: it depends on your situation. Extra payments do build equity faster and reduce the total interest you'll pay over the life of the loan. But if your interest rate is low, you might come out ahead by keeping that cash liquid for emergencies, investing it, or tackling higher-interest debt first. The key is knowing your own numbers and priorities. There's no one-size-fits-all answer, which is exactly why it helps to talk through the math with someone who can look at your whole picture. If you're thinking about your payment strategy, I'd be happy to walk through what makes sense for you.
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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
Ford Mortgage
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