There's still a lot of money management to do once you've got your mortgage. See what circumstances might change and how they might affect you.

Just because the closing is over doesn't mean you don't have to pay attention to your loan anymore. In this chapter, we'll explain what happens when your mortgage is "sold" to a servicer, why your monthly payment might change, the upsides and downsides of paying off your mortgage early (use this mortgage calculator to see how much interest you can save), how to rid yourself of PMI, when you might consider refinancing and how to avoid foreclosure in the event that you can't make the mortgage payments.

What you can expect to learn from this chapter:

When your mortgage is sold to a mortgage servicer   What you need to know and what you need to be told when your original mortgage holder sells the debt. Payment changes   Your monthly payment may change for several reasons. Here are tips for ARMs and for fixed-rate mortgages. Paying ahead   The upside of prepaying your mortgage is what you save in interest. The downside could be penalties for paying your loan early. Removing private mortgage insurance   Knowing how much equity you have in your home may let you stop paying PMI. Here's how to calculate your home's equity. Refinancing   The two types of refinancing -- rate-and-term and cash-out -- are explained. Plus a link to Bankrate's refinancing calculator. Avoiding foreclosure   Foreclosure is when you can't pay the mortgage and your lender takes your house. Here's the foreclosure timeline -- and ways to avoid it. Chapter 7 quiz   Take our test to see if you learned something new from this chapter.