Home Equity Loan

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Home Equity Loans: Borrowers Beware!
Do you own your home? If so, it's likely to be your greatest single asset. Unfortunately, if you agree to a loan that's based on the equity you have in your home, you may be putting your most valuable asset at risk.

Homeowners-particularly elderly, minority and those with low incomes or poor credit-should be careful when borrowing money based on their home equity. Why? Certain abusive or exploitative lenders target these borrowers, who unwittingly may be putting their home on the line.

Abusive lending practices range from equity stripping and loan flipping to hiding loan terms and packing a loan with extra charges. The Federal Trade Commission urges you to be aware of these loan practices to avoid losing your home.

The Practices

Equity Stripping
You need money. You don't have much income coming in each month. You have built up equity in your home. A lender tells you that you could get a loan, even though you know your income is just not enough to keep up with the monthly payments. The lender encourages you to "pad" your income on your application form to help get the loan approved.

This lender may be out to steal the equity you have built up in your home. The lender doesn't care if you can't keep up with the monthly payments. As soon as you don't, the lender will foreclose-taking your home and stripping you of the equity you have spent years building. If you take out a loan but don't have enough income to make the monthly payments, you are being set up. You probably will lose your home.

Hidden Loan Terms: The Balloon Payment
You've fallen behind in your mortgage payments and may face foreclosure. Another lender offers to save you from foreclosure by refinancing your mortgage and lowering your monthly payments. Look carefully at the loan terms. The payments may be lower because the lender is offering a loan on which you repay only the interest each month. At the end of the loan term, the principal-that is, the entire amount that you borrowed-is due in one lump sum called a balloon payment. If you can't make the balloon payment or refinance, you face foreclosure and the loss of your home.

Loan Flipping
Suppose you've had your mortgage for years. The interest rate is low and the monthly payments fit nicely into your budget, but you could use some extra money. A lender calls to talk about refinancing, and using the availability of extra cash as bait, claims it's time the equity in your home started "working" for you. You agree to refinance your loan. After you've made a few payments on the loan, the lender calls to offer you a bigger loan for, say, a vacation. If you accept the offer, the lender refinances your original loan and then lends you additional money. In this practice-often called "flipping"-the lender charges you high points and fees each time you refinance, and may increase your interest rate as well. If the loan has a prepayment penalty, you will have to pay that penalty each time you take out a new loan.

You now have some extra money and a lot more debt, stretched out over a longer time. The extra cash you receive may be less than the additional costs and fees you were charged for the refinancing. And what's worse, you are now paying interest on those extra fees charged in each refinancing. Long story short? With each refinancing, you've increased your debt and probably are paying a very high price for some extra cash. After a while, if you get in over your head and can't pay, you could lose your home.

The "Home Improvement" Loan
A contractor calls or knocks on your door and offers to install a new roof or remodel your kitchen at a price that sounds reasonable. You tell him you're interested, but can't afford it. He tells you it's no problem-he can arrange financing through a lender he knows. You agree to the project, and the contractor begins work. At some point after the contractor begins, you are asked to sign a lot of papers. The papers may be blank or the lender may rush you to sign before you have time to read what you've been given. The contractor threatens to leave the work on your house unfinished if you don't sign. You sign the papers. Only later, you realize that the papers you signed are a home equity loan. The interest rate, points and fees seem very high. To make matters worse, the work on your home isn't done right or hasn't been completed, and the contractor, who may have been paid by the lender, has little interest in completing the work to your satisfaction.

Credit Insurance Packing
You've just agreed to a mortgage on terms you think you can afford. At closing, the lender gives you papers to sign that include charges for credit insurance or other "benefits" that you did not ask for and do not want. The lender hopes you don't notice this, and that you just sign the loan papers where you are asked to sign. The lender doesn't explain exactly how much extra money this will cost you each month on your loan. If you do notice, you're afraid that if you ask questions or object, you might not get the loan. The lender may tell you that this insurance comes with the loan, making you think that it comes at no additional cost. Or, if you object, the lender may even tell you that if you want the loan without the insurance, the loan papers will have to be rewritten, that it could take several days, and that the manager may reconsider the loan altogether. If you agree to buy the insurance, you really are paying extra for the loan by buying a product you may not want or need.

Mortgage Servicing Abuses
After you get a mortgage, you receive a letter from your lender saying that your monthly payments will be higher than you expected. The lender says that your payments include escrow for taxes and insurance even though you arranged to pay those items yourself with the lender's okay. Later, a message from the lender says you are being charged late fees. But you know your payments were on time. Or, you may receive a message saying that you failed to maintain required property insurance and the lender is buying more costly insurance at your expense. Other charges that you don't understand-like legal fees-are added to the amount you owe, increasing your monthly payments or the amount you owe at the end of the loan term. The lender doesn't provide you with an accurate or complete account of these charges. You ask for a payoff statement to refinance with another lender and receive a statement that's inaccurate or incomplete. The lender's actions make it almost impossible to determine how much you've paid or how much you owe. You may pay more than you owe.

Signing Over Your Deed
If you are having trouble paying your mortgage and the lender has threatened to foreclose and take your home, you may feel desperate. Another "lender" may contact you with an offer to help you find new financing. Before he can help you, he asks you to deed your property to him, claiming that it's a temporary measure to prevent foreclosure. The promised refinancing that would let you save your home never comes through.

Once the lender has the deed to your property, he starts to treat it as his own. He may borrow against it (for his benefit, not yours) or even sell it to someone else. Because you don't own the home any more, you won't get any money when the property is sold. The lender will treat you as a tenant and your mortgage payments as rent. If your "rent" payments are late, you can be evicted from your home.

Protecting Yourself

You can protect yourself against losing your home to inappropriate lending practices. Here's how:

Don't:
Agree to a home equity loan if you don't have enough income to make the monthly payments.
Sign any document you haven't read or any document that has blank spaces to be filled in after you sign.
Let anyone pressure you into signing any document.
Agree to a loan that includes credit insurance or extra products you don't want.
Let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether the cost you will pay for the loan is really worth it.
Deed your property to anyone. First consult an attorney, a knowledgeable family member, or someone else you trust.
Do:
Ask specifically if credit insurance is required as a condition of the loan. If it isn't, and a charge is included in your loan and you don't want the insurance, ask that the charge be removed from the loan documents. If you want the added security of credit insurance, shop around for the best rates.
Keep careful records of what you've paid, including billing statements and canceled checks. Challenge any charge you think is inaccurate.
Check contractors' references when it is time to have work done in your home. Get more than one estimate.
Read all items carefully. If you need an explanation of any terms or conditions, talk to someone you can trust, such as a knowledgeable family member or an attorney. Consider all the costs of financing before you agree to a loan

FHA Mortgage

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About the FHA Mortgage. The Federal Housing Administration (FHA), an agency of the federal government, insures private loans that are issued for new and existing housing, and loans that are approved for home repairs. Created by congress in 1934, the FHA became part of the Department of Housing and Urban Development's Office of Housing (HUD) in 1965. Today the mission of the FHA includes helping borrowers get amounts they qualify for, and assisting lenders by reducing their risk in issuing loans.

Credit Problems and a HUD Housing Loan
It is advisable to approach any FHA loan with your best possible credit rating. If you have had credit problems in the past, the FHA recommends a Consumer Credit Counseling program to avoid being denied an FHA loan. A good credit counselor can talk to you about income-to-debt ratio, maintaining satisfactory payments and challenging errors on your credit report. The FHA recommends creating a satisfactory payment history for at least one year before applying for any FHA loan program.

The FHA TOTAL Scorecard
If you submit FHA paperwork electronically, the FHA TOTAL Scorecard is used to measure the credit risk of all FHA loans submitted through the automatic underwriting system. Your FHA loan is processed through a qualified and approved FHA lender. Applications submitted through FHA TOTAL are evaluated by a standardized scoring procedure creating a quick, fair and seamless evaluation. The FHA's TOTAL system is internet based and works in real time.

FHA Loan Requirements
The FHA asks for a lot of information on your FHA loan application. You will need to provide the FHA with a wide range of details including:

All addresses where you have lived in the previous two years.
Your employer's name and addresses for the last two years, plus the amount of your Gross Monthly Salary.
W2s for the past two years.
Income tax forms submitted for the last two years.
Gather all of this before you begin your FHA application so you will have everything handy to complete your FHA loan forms at one time.

Additional Paperwork for Veterans
The FHA asks that veterans submit the DD Form 214 along with their FHA loan application paperwork. The DD Form 214 is the official record of discharge from the Armed Forces. If you have recently separated, retired or otherwise left active duty and don't have your DD Form 214, request a copy from either your final outprocessing base (call the orderly room, records office or outbound assignments/outprocessing office), or request the form electronically from the Department of Defense.

FHA/HUD Insured Mortgages and Refunds
If you have an FHA loan or HUD insured mortgage, you may have paid an "up-front" mortgage insurance premium at the closing of your house. Assuming you did not default on your mortgage payments, you may be eligible for a refund on part of your insurance premium. Loans granted after September 1, 1983 may be entitled to this refund. Check your FHA loan settlement paperwork or phone your lender to learn more.

Reverse Mortgage

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home. The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more. You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301 or downloading their free booklet, "Use Your Home to Stay at Home ," a guide for older homeowners who need help now. It is smart to know more about reverse mortgages, and decide if one is right for you!

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage. You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

2. Can I qualify for FHA's HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

3. Can I apply for a HECM even if I did not buy my present house with FHA mortgage insurance?

Yes. You may apply for a HECM regardless of whether or not you purchased your home with an FHA-insured mortgage.

4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

5. What are the differences between a reverse mortgage and a home equity loan?

With a second mortgage, or a home equity line of credit, borrowers must have adequate income to qualify for the loan, and they make monthly payments on the principal and interest. A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments. With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.

6. Will we have an estate that we can leave to heirs?

When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid. All proceeds beyond the amount owed belong to your spouse or estate. This means any remaining equity can be transferred to heirs. No debt is passed along to the estate or heirs.

7. How much money can I get from my home?

The amount you may borrower will depend on:

Age of the youngest borrower
Current interest rate
Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and
Initial Mortgage Insurance Premium--your choices are HECM Standard or HECM SAVER
You can borrow more with the HECM Standard option. In addition, the more valuable your home is, the older you are, and the lower the interest rate, the more you can borrow. If there is more than one borrower, the age of the youngest borrower is used to determine the amount you can borrow. For an estimate of HECM cash benefits, select the online calculator from the HECM Home Page. Many online reverse mortgage calculators can provide you with an estimate of the amount of funds you can borrow.

8. Should I use an estate planning service to find a reverse mortgage lender?

FHA does NOT recommend using any service that charges a fee for referring a borrower to an FHA-approved lender. You can locate a FHA-approved lender by searching online at www.hud.gov or by contacting a HECM counselor for a listing. Services rendered by HECM counselors are free or at a low cost. To locate a HECM counselor Search online or call (800) 569-4287 toll-free, for the name and location of a HUD-approved housing counseling agency near you

9. How do I receive my payments?

You can select from five payment plans:

Tenure- equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
Term- equal monthly payments for a fixed period of months selected.
Line of Credit- unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
Modified Tenure- combination of line of credit and scheduled monthly payments for as long as you remain in the home.
Modified Term- combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

10. What if I change my mind and no longer want the loan after I go to closing? How do I do this?

By law, you have three calendar days to change your mind and cancel the loan. This is called a three day right of rescission. The process of canceling the loan should be explained at loan closing. Be sure to ask the lender for instructions on this process. Mortgage lenders differ in the process of canceling a loan. You should ask for the names of the appropriate people, phone numbers, fax numbers, addresses, or written instructions on whatever process the company has in place. In most cases, the right of rescission will not be applicable to HECM for purchase transactions.

Mortgage Rates Hit Record Low - again

Buying a home just got even cheaper as interest rates on both 30-year and 15-year-fixed-rate mortgages set record lows for the third week in a row.

The 30-year fixed mortgage, the most popular mortgage product, dipped by 0.04 percentage points to 3.79%, according to a weekly survey by Freddie Mac. Last year, 30-year loans averaged 4.64%. The new low can save borrowers $50 a month for every $100,000 borrowed. Over a 30-year term, that comes to $21,874.

The 15-year fixed mortgage, which is popular among those looking to refinance, inched down 0.01 percentage points to 3.04%, according to Freddie Mac's survey. That's down from 3.82% a year ago. The new 15-year rate would lower borrowing costs to $693 a month for every $100,000 borrowed, a $38 savings compared to last year.
Ongoing economic turmoil in Europe is, in part, responsible for the continued slide in mortgage rates, according to Freddie Mac's chief economist, Frank Nothaft.

"The European debt crisis overshadowed improving economic indicators for the U.S. and allowed Treasury bond yields and fixed mortgage rates to ease for another week," he said.
As for economic conditions here in the U.S., Nothaft pointed to recent reports that showed improvements in industrial production,
consumer sentiment and new home construction.

6 ways to get a great mortgage deal
Affordable mortgages, combined with much lower home prices, should also help to bolster the housing market.
Rates are almost half what they were at the peak of the housing bubble in mid-2006. At the time, the median price of a U.S. home was about $250,000, according to the National Association of Home Builders, and the average interest rate was about 6.75% for a 30-year loan.

A person who bought a home in 2006 with 20% down would have made payments of $1,300 a month. Today, a person who buys a median priced of home of about $162,000, would pay less than half that amount, about $600 a month.

Mortgage Insurance

Mortgage insurance (also known as mortgage guarantee) is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can be either public or private depending upon the insurer. The policy is also known as a mortgage indemnity guarantee (MIG), particularly in the UK.

For example, suppose Ms Smith decides to purchase a house which costs $150,000. She pays 10% ($15,000) down payment and takes out a $135,000 ($150,000-$15,000) mortgage on the remaining 90%. Lenders will often require mortgage insurance for mortgage loans which exceed 80% (the typical cut-off) of the property's sale price. Because of her limited equity, the lender requires that Ms Smith pay for mortgage insurance that protects the lender against her default. The lender then requires the mortgage insurer to provide insurance coverage at, for example, 25% of the $135,000 ($33,750), leaving the lender with an exposure of $101,250.[1] The mortgage insurer will charge a premium for this coverage, which may be paid by either the borrower or the lender. If the borrower defaults and the property is sold at a loss, the insurer will cover the first $33,750 of losses. Coverages offered by mortgage insurers can vary from 20% to 50% and higher.

To obtain public mortgage insurance from the Federal Housing Administration in the United States, Ms. Smith must pay a mortgage insurance premium (MIP) equal to 1 percent of the loan amount at closing[2]. This premium is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well. The United States Veterans Administration also offers insurance on mortgages.[3]
Contents [hide]
1 Private mortgage insurance
1.1 Borrower-paid private mortgage insurance
1.2 Lender-paid private mortgage insurance
2 Contracts
3 History
4 See also
5 References
6 External links

Private mortgage insurance is typically required when down payments are below 20%. Rates can range from 0.5% to 6% of the principal of the loan per year based upon loan factors such as the percent of the loan insured, loan-to-value (LTV), fixed or variable, and credit score.[4] The rates may be paid in a single lump sum, annually, monthly, or in some combination of the two (split premiums). In the U.S., payments by the borrower are tax-deductible until 2010.[5]

Borrower-paid private mortgage insurance
BPMI or "Traditional Mortgage Insurance" is a default insurance on mortgage loans provided by private insurance companies and paid for by borrowers. BPMI allows borrowers to obtain a mortgage without having to provide 20% down payment, by covering the lender for the added risk of a high loan-to-value (LTV) mortgage. The US Homeowners Protection Act of 1998 allows for borrowers to request PMI cancellation when the amount owed is reduced to a certain level. The Act requires cancellation of borrower-paid mortgage insurance when a certain date is reached. This date is when the loan is scheduled to reach 78% of the original appraised value or sales price is reached, whichever is less, based on the original amortization schedule for fixed-rate loans and the current amortization schedule for adjustable-rate mortgages. BPMI can, under certain circumstances, be cancelled earlier by the servicer ordering a new appraisal showing that the loan balance is less than 80% of the home's value due to appreciation.

This generally requires at least two years of on-time payments. Each investor's LTV requirements for PMI cancellation differ based on the age of the loan and current or original occupancy of the home. While the Act applies only to single family primary residences at closing, the investors Fannie Mae and Freddie Mac allow mortgage servicers to follow the same rules for secondary residences. Investment properties typically require lower LTVs.

In Australia, borrowers must pay Lenders Mortgage Insurance (LMI) for home loans over 80% of the purchase price. Genworth Financial and QBE LMI are two of the largest Lenders Mortgage Insurance providers in Australia.[6]

Lender-paid private mortgage insurance
LPMI is similar to BPMI except that it is paid for by the lender, and the borrower is often unaware of its existence. LPMI is usually a feature of loans that claim not to require Mortgage Insurance for high LTV loans. The cost of the premium is built into the interest rate charged on the loan.

Contracts
As with other insurance, an insurance policy is part of the insurance transaction. In mortgage insurance, a master policy issued to a bank or other mortgage-holding entity (the policyholder) lays out the terms and conditions of the coverage under insurance certificates. The certificates document the particular characteristics and conditions of each individual loan. The master policy includes various conditions including exclusions (conditions for denying coverage), conditions for notification of loans in default, and claims settlement.[7] The contractual provisions in the master policy have received increased scrutiny since the subprime mortgage crisis in the United States. Master policies generally require timely notice of default include provisions on monthly reports, time to file suit limitations, arbitration agreements, and exclusions for negligence, misrepresentation, and other conditions such as pre-existing environmental contaminants. The exclusions sometimes have "incontestability provisions" which limit the ability of the mortgage insurer to deny coverage for misrepresentations attributed to the policyholder if twelve consecutive payments are made, although these incontestability provisions generally don't apply to outright fraud.[8]

Coverage can be rescinded if misrepresentation or fraud exists. In 2009, the United States District Court for the Central District of California determined that mortgage insurance could not be rescinded "poolwide".

Best Mortgage Rates

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Best Mortgage Rates - Which major mortgage lender has the best mortgage rates today? You can find the answer here. This site is dedicated to help you find who has the best mortgage rates in the current market, so you can save money when making your largest and most important purchase. You will get information on where to go to get the best mortgage rates for many different kinds of loan categories. We will be adding additional mortgage lenders after we do more reviews of their customer service and rate them as a provider of only the best mortgage rates.. If you are thinking of researching the best mortgage rates you have come to the right place.

We are going to show you which bank is the best for your home refinance or first time home purchase and any kind of low interest rate mortgage available from the world's leading lenders. Please view the table below and see which mortgage lenders are the best for interest rates and closing costs. Each category in the table has information on which mortgage lenders have the lowest closing costs, interest rates and refinance ratings.

Whether you are buying your first home or refinancing the home you have now, these mortgage lenders will help you with clear easy to understand mortgages written in simple language so you know exactly what you are getting. Our goal is to get you the best information possible about where to go and get the best mortgage rates possible.

The mortgage rate information above is for residents of the USA . All mortgage lenders shown above operate in accordance with the fair housing and equal opportunity laws of the USA.

All lenders shown on this site have mortgage rate will offer any kine of a loan you need including fixed rate and variable rate mortgages. You should decide on which option is best for you before starting your application. Interest rates can vary by location. They also have many government programs such as FHA and HARP for those who need them.

To get an estimated payment, click on GO and enter the approximate amount you plan to borrow. Rates are quoted on expectation of either a 5% or 20% down payment.

You will get the best information about mortgage rates, rankings, and ratings. Both lender and servicing companies are reviewed and include contact information as many people need to contact theses companies for a new loan or to work out loan modifications.

Current 15 Year Mortgage Rates - Many people are starting to think of the 15 year mortgage loan as too expensive in terms of the payments they have to make. The typical payment is higher of course but the savings on the total interest paid are well worth the cost. Often, borrowers tend to overlook the many benefits that getting a 15 year loan has. If you do the math, you will choose the 15 year mortgage over the 30 year loan and you will save a lot of money on the interest paid over the first 5 years and the life of the loan.

Refi Mortgage Rates - The decision to refinance your mortgage will likely save you thousands of dollars. Because of falling interest rates, those who purchased their homes at a higher rate have the opportunity to take advantage of a lower monthly payment. Furthermore, refinancing makes it possible to convert an adjustable rate mortgage to a fixed rate. There are many lenders that offer attractive refi packages. With this said, it is important to obtain quotes from multiple lenders. Comparing lender offers is not mandatory. In fact, some homeowners skip this step. Nonetheless, comparing and contrasting different loan offers make it possible to obtain the best deal.

Mortgage Amortization Calculator

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You have come to the right place if you are looking for a Mortgage Amortization Calculator. How much of your monthly mortgage payment will go toward principal and interest over the life of your loan? How much could you save by prepaying some of the principal? Find out now with this simple calculator.

Is your mortgage structure too complex for this calculator? Find the right Mortgage Amortization Calculator here

Amortization Calculator: A Complete Guide to Your Payment Schedule
An amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The calculator also lets you see how much you can save by prepaying some of the principal.

Amortization Calculator Usage

With HSH.com's amortization calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the loan term, and the month and year the loan begins. (If you have a more complex mortgage structure that doesn't fit the standard amortization calculator fields, find another mortgage calculator that better suits your needs.)

You can choose whether to see an amortization table showing the principal/interest breakdown of every monthly payment over the life of the mortgage loan, or an abbreviated table showing monthly payments for the first year and annual totals for the remaining years of the mortgage.

Calculate Your Payment Schedule

Click "calculate" to get your monthly payment amount and an amortization schedule. You'll see that most of your mortgage payment will go toward interest in the early years of the loan, with a growing amount going toward principal as the years go by - until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes toward principal.

Interest Savings: The Effect of Prepayments

Now use the amortization calculator to see how prepaying some of the principal saves money over time. Enter a monthly, annual, or one-time amount for additional principal prepayment. Let's say, for example, you want to pay an extra $50 a month on a mortgage like the one above ($250,000 mortgage, 30-year fixed at 5%).

See the Savings

Enter the loan terms in the calculator and 50 in the monthly additional principal prepayment, then click "calculate." Scroll through the amortization schedule to the final summary. By paying $50 extra a month, you knock more than two years off the mortgage and save $21,299 in interest.

You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator.

Of course you'll want to consult with your financial advisor about whether it's best to prepay your mortgage or put that money toward something else, such as retirement. Check out HSH.com's Homeowner's Guide to Prepaying Your Mortgage for more information.