5 things you should do right now if you have a mortgage

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<ul><li><p>5 THINGSYOU SHOULD DORIGHT NOW IFYOU HAVE AMORTGAGE</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>BLOWNMORTGAGE.COM</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p>With all of the subprime guidelinechanges and prime mortgage ratesat a low point, here are 5 Things You</p><p>Should do Right Now(TM) if youhave a mortgage:</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p>Do you have an adjustable rate mortgage (ARM), interest-only loan,pay-option (negative amortization) or second mortgage?</p><p>1. FIGURE OUT WHAT TYPE OF LOAN YOU HAVE:</p><p>If you have an ARM when does the rate adjust (most ARMs are either2,3,5 years after you got the loan) and what will it adjust to? You cantake a look at the index (its in the note and usually called the LIBOR orMTA) online from a variety of sources. This will give you an idea ofwhat your rate will jump to when it adjusts.</p><p>If you have one of these types of mortgages read the loan documents toget familiar with your obligations under the loan. It is tedious, but wellworth it to ensure your understanding. If it concerns you talk tosomeone to trust to explore your options.</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p> This will let you know how much longer youll be locked in toyour loan and will provide you a better picture of what optionsare available to you. There are very few circumstances wherepaying a pre-payment penalty makes sense (though I believe</p><p>that there are some), and this will let you know what timeframe you should be looking at for refinancing, especially if</p><p>your loan falls in to one of the categories in #1.</p><p>2. FIND OUT IF YOU HAVE A PRE-PAYMENT PENALTY ONYOUR LOAN.</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p> And dont get it from one of those free, but not reallyfree sites. The credit bureaus by law have to giveyou a copy of your report once a year absolutely free. Cleaning up your credit and making sure the bureaushave accurate information is a whole series of articles</p><p>on its own, but as they say "knowing is half the battle". Once you know your credit score youll have a much</p><p>better grasp of what your options are if you choose torefinance.</p><p>3. Get a copy of your credit report for free.</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p>(1) Your mortgage payment(2) All of your bills including your mortgage payment.</p><p>For example if you make $5,000/month and your mortgagepayment is $1,000 and you have another $1,000 in bills your2nd ratio (2) is 40% ($2,000/$5,000). If number two (2) is morethan 50% youre exposed to problems if your mortgagepayment adjusts to a higher rate. In fact, if it is near 50% youregoing to feel significant pain if your mortgage readjusts.</p><p>4. Figure out how much of your monthly income isdedicated to:</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p>Using the mortgage calculator above figure out howmuch you may have to pay if you are unable to</p><p>refinance your mortgage and it adjusts to a higherrate. Once you are aware of what your new</p><p>payment will be, look at #4 again with the newnumbers. Add up all of your expenses with the newmortgage payment and see where you net out eachmonth. If that number scares you, talk to someoneyou trust about your options in keeping that from</p><p>happening.</p><p>5. Figure out the worst case scenario for your mortgagepayment. </p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p>Even if your mortgage is fixed for more than a year ortwo, it still behooves you to plan and prepare</p><p>accordingly. If you have a sound plan regarding themanagement of your mortgage youll be much better</p><p>prepared to manage your debt better and wont becaught off guard by any changes in your mortgage</p><p>payment. Everything works better with planning andyour mortgage is no different.</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p>T O L E A R N M O R EBLOWNMORTGAGE.COM</p><p>LENDER HOTLINE: 888-581-5008</p><p>C L I C K H E R E</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://suited45trk.com/?a=75&amp;c=831&amp;s1=&amp;ts=bmss</p></li><li><p>Justin McHood is Americas MortgageCommentator and has been providingMortgage commentary forover 10 years.</p><p>INFORMATION PROVIDED BY:Justin McHood</p><p>MORTGAGE COMMENTATOR</p><p>InformationOriginallyPublished:March17,2007BLOWNMORTGAGE.COM </p><p>LENDER HOTLINE: 888-581-5008</p><p>http://mortgagecommentator.com/http://www.blownmortgage.com/5-things-you-should-do-right-now-if-you-have-a-mortgage/</p></li><li><p>LEARN MORE ABOUTMORTGAGE COMMENTATOR:</p><p>MORTGAGECOMMENTATOR.COM</p><p>FACEBOOK.COM/MORTGAGECOMMENTATOR</p><p>@MORTGAGECOM_</p><p>LENDER HOTLINE: 888-581-5008</p><p>BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008</p><p>http://mortgagecommentator.com/https://www.facebook.com/MortgageCommentator/https://twitter.com/mortgagecom_</p></li></ul>