Let the borrower beware when getting mortgage
Big purchase demands extra dose of caution
Whether you already have a mortgage or you plan to buy a house in the next year, here are seven mortgage tips for 2007.
Review your mortgage — does it still fit your circumstances? Interest rates change, children are born and grow up, sometimes you need to fix up the house and sometimes you need to move on. Life events can trigger changes in the way you pay for your house.
“Every year,” says Dan Hanson, who oversees the retail branches for Countrywide Home Loans, “say, ‘What’s going to happen this year? Do I have a child who, in a year, is going to college? Are we going to have a child, maybe add a bedroom or have to move?’ ” The answer might make you go mortgage shopping.