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Mortgage Market Update
Tanner Floyd
Tanner Floyd
Wednesday, August 19, 2026
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Does paying extra on your mortgage make sense? |
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Hi there — this week I'm answering a question I hear often: what really happens when homeowners pay more than their monthly minimum.
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National Mortgage Rates · August 13, 2026
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Source: Freddie Mac PMMS & Optimal Blue via FRED
Rates shown are national averages 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 Prepayment
What happens when you pay extra toward your mortgage
A lot of homeowners ask me whether it makes sense to put extra money toward their mortgage payment each month. The answer depends on your situation, but I'll tell you what happens: every extra dollar you pay goes directly to principal, which means you're building equity faster and reducing the total interest you'll pay over the life of the loan. Some people find it satisfying to accelerate their payoff timeline. Others prefer to keep that flexibility and invest elsewhere. There's no one-size-fits-all answer, but understanding how prepayment works helps you make the choice that fits your financial goals. Let's talk about whether this strategy makes sense for you. Reach out if you'd like to map out how prepayment could work in your situation.
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Tip of the Week
Inspect your attic insulation. Proper insulation reduces heating and cooling costs and can prevent ice dams on your roof.
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Tips for Homeowners
Fall Home Prep: Heating, Safety & Systems
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1.
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Have your heating system serviced before it's needed. A furnace failure in winter is an emergency — routine maintenance costs far less than emergency repairs.
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2.
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Test smoke detectors and carbon monoxide detectors and replace batteries. Carbon monoxide poisoning risk rises when heating systems run more frequently.
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3.
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Drain and shut off exterior faucets and sprinkler systems before the first freeze to prevent burst pipes — one of the most expensive and disruptive homeowner emergencies.
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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 Tanner Floyd team any time and we'll walk you through your options. |
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