It must be an interesting time to have a mortgage. Listening to the news I’ve heard that foreclosures are up, and that’s scary for anyone who is struggling with their mortgage.

Yet I’d love to have a mortgage. Just to know that my money is going somewhere other than into the pit that is rent. It sounds nice.

Most important is that you get good mortgage advice. A big part of why there are so many foreclosures going on is that so many people have been getting bad mortgage advice. Taking on too big a mortgage, paying interest only and then being unable to cope when that ends… these are some of the more common mistakes people made because lenders told them they could do it.

Interest only mortgages can be interesting, but you need to know what you’re doing with it. I know some people feel that it’s simply unethical for banks to push them so hard because too many people don’t use them correctly. It’s not a good option for every situation.

I think the key to these is to look at where you plan on being at the end of the mortgage. If you’re hoping a jump in income will allow you to switch to a more traditional mortgage, you may be going interest only for the wrong reason. You need to know what you’re doing at the end, not just what you hope to do.

Get educated before you take on a mortgage. Don’t just rely on what lenders tell you; too many just want your business, not what will help you the most.The Truth About Mortgage.com website offers some good tips to help you make it happen.