You’re now a proud home owner…and now you have to begin paying your mortgage. Maintaining a budget is extremely important to ensure you can make your monthly mortgage payments on time.

Some other important things to remember about paying off your mortgage:

• Make sure you carefully examine your mortgage statements, ensuring that all payments have been recorded and all taxes and insurance premiums have been paid on time.
• Keep copies of canceled checks, letters and any other paperwork that relates to your mortgage in case you need documentation for any dispute.
• Be aware if and when your monthly payments might change and make sure you are prepared. This is especially important if you have an adjustable rate mortgage
• If you’re considering prepaying on your mortgage to shorten your loan term, make sure you understand what fees, if any, your lender might charge you for doing so.
• Make sure you keep in close contact with your lender if you become overwhelmed due to unforeseen circumstances and fall behind on your payments. The last thing you want to face is foreclosure.