(Hopefully) Common-sense Information

• Take all advice (including this Web site) with a grain of salt, better yet a whole handful. Try to determine the motivations of those who provide advice. Some of those motivations may not have your best interests at heart.

• Make sure you understand what you're doing before you act. Caveat Emptor (let the buyer beware) always applies.

• Paying additional principal toward your mortgage is no substitute for savings. If money gets tight, you can't eat the equity in your house.

• Pay off your high-interest debt before tackling your mortgage. Credit cards and other consumer debt spiral out of control and put you in bankruptcy. As long as you can make your mortgage payments, it will wait.

• Consider refinancing your debt if you cannot meet all your obligations. You should not have so much debt that you cannot meet the payments, conduct your life, and save some money.

• Make sure you understand the terms of your mortgage. By law, it was spelled out to you when you signed the paper. You might want to reread or even review the terms with your lender to make sure you understand them. Better safe than sorry.

• Avoid taking on more debt if at all possible (and reasonable). Debt isn't evil, but it does cost you. Find (legal) ways to pay for your needs without borrowing. Avoiding interest payments is like putting money in your pocket.

• If you're in real financial trouble, seek professional financial help. There are lots of people who make their living helping people just like you get their financial house in order.

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