After the closing, you own your home. So, you may begin wondering what you can do to protect your investment -- and perhaps even help it increase in value.

Homeownership brings both rewards and responsibilities. It's important to keep both your home and your finances in good shape. That means managing your money wisely to ensure you can meet your obligation to repay the mortgage loan. This will enable you to make your home's equity work for you.

Staying current on your mortgage payments will ensure that you keep your home. Making late payments usually results in late charges, which could reflect poorly on your credit report and could impair your credit rating. Good credit is important for many reasons, especially if wish to refinance in the future.

If you consistently fail to make timely mortgage payments, you could lose your home and the good credit you've worked to maintain. Contact your lender immediately if you are having trouble making your payments.

You can potentially increase the value of your home by keeping up with repairs, and maintaining and enhancing the condition and appearance of your home.

Fair Housing Council of Oregon
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