Brace yourself for slowly rising, but higher interest rates.

Some mortgages are more vulnerable to increased rates than others, but no matter what loan you have, you can prepare yourself for the worst.

Experts are advising that now is the time to get all your mortgage docs in row, scrutinize them, and determine how high your rate could adjust and what financing options you should consider.

In anticipation of the Federal Reserve raising benchmark interest rates later this year, mortgage interest rates have already risen eight consecutive weeks from this year's average low of 5.38 percent (for fixed-rate, 30-year conforming loans) in mid-March to to 6.34 percent the week ending May 13, according to Freddie Mac's Weekly Mortgage Market Survey. Rates took a breather the week ending March 20, settling back to 6.30 percent, but some economists say rates could push 6.75 percent by year's end.

"There is the potential for trouble ahead. Interest rate increases on adjustable rate mortgages (ARMs) could trigger a wave of foreclosures," said Orleans, MA-based Marie McDonnell, the Mortgage Counselor, a mortgage expert who audits mortgages loans, counsels consumers and provides expert witness services.

Avoiding foreclosure is material to maintaining your credit standing and related borrowing power, should you need it during higher interest rate periods.

McDonnell advises pouring over loan documents to determine what rate changes will mean to your loan and your monthly payment.

"Organize all original mortgage paper work, keep all of your monthly mortgage payment statements, and copies of related insurance and tax bills all in one place and create a resource reference file," she said.

"If you have an adjustable rate see if you can understand how the adjustments are likely to work. The LIBOR ARM is going to create a lot of problems. Typically they are fixed for the first two to three years and then they go into adjustments every six months and that can be a real shock. The caps on the first adjustment can be high," McDonnell added.

TrueLink.com, a TransUnion consumer website suggests consumers "stress test" their adjustable mortgage by calculating the potential monthly payments based on rates increasing both to the historical average of seven percent and higher.

If you can't afford the higher payment, consider refinancing now to lock in today's rates with a fixed mortgage. That could immediately push your mortgage payment higher, but it will avoid the risk of even higher payments should interest rates rise further next year.

Likewise, consolidate as much debt as possible, especially higher-cost bank and retail credit card debt, provided you seal the deal with a promise to yourself to close those accounts for good.

"It's probably a little early yet, I don't think rates have gone up that much yet, but refinancing is an option and you should act sooner rather than later if rates are going to go up," said Earl Peattie, vice president of Philadelphia, PA-based National Financial News Service.

Peattie also said people who've opted for interest-only loans (which allow home owners to make monthly payments of interest only) and may also have been making principal payments, always have the option to pay only the interest.

"That may get them by. The key is to understand how your loan works. Many people take out a loan and they sort of forget about it. Knowing how the new interest rate is calculated, taking a look at loan documentation is a good first step," Peattie said.

McDonnell said to avoid the cost of a new loan, squirreling away extra cash to make higher mortgage payments is a good idea and the money can draw a few dollars in interest.

She also indicated Murphy's Law also applies to simultaneous increases in other home ownership expenses.

"Increase your savings and create a cash cushion to anticipate increases. Also call your (property) taxing authority and insurance providers to see if there will be any increases there," McDonnell said.

In addition to checking your loan documents to determine how higher interest rates could dent your budget, now is a good time to make a full accounting of your mortgage payment records and to examine your credit report. She says, each year, obtain from the lender or servicer a complete payment history. You should also retain copies of all checks (front and back) used to make mortgage payments. The copies can be scanned and stored electronically to avoid a paper blizzard, but maintaining the information is crucial.

"Especially when the servicing of a loan is changed. Immediately request a complete life-of-the-loan payment history from the outgoing lender or servicer. That would be a complete breakdown of all transactions from the original loan to the transfer of services. You want to see detailed transactions in principle, interest, late charges, escrow accounts and other fiduciary accounts made in connection with the loan," she said.

That's because when loans are transferred, the payment history may not always travel with the electronic transfer and errors could occur to your disadvantage.

"So what happens on the way (to the servicing transfer) the record is being purged. You can't prove something isn't your fault if you can't identify where things went wrong. If you have a record of all payments you can raise a legitimate defense," McDonnell said.

"It's kind of like tuning up your car on an annual basis. You should be vigilant about monitoring your loan payment history and your credit report," she added.