The home buying experience can be an overwhelming experience that can be exhilarating, fun, stressful and exhausting. The process of securing a mortgage, successfully bidding on a home and completing the transaction can be lengthy, complex and involve seemingly endless professionals. Those professionals may include a buyer’s agent, a loan officer, a home inspector, title […]
What to expect after you’ve closed on your home
Congratulations on closing on your new home! Now that you’ve moved into the house, you’re ready to settle and redecorate. Before you do so, remember that you’re not one hundred percent done with tying up loose ends.
After you’ve closed on your home, you can expect to do the following:
Make copies of essential documents and store them in a safe place
When you close on your home, you will receive all the essential documents related to your home purchase:
- Loan Estimate
- Closing Disclosure
- Initial Escrow Statement
- Mortgage Note
- Mortgage or Deed of Trust
- Certificate of Occupancy (if your home is brand-new)
When you get these documents, make copies of them and store both reproductions and originals in a safe place like a bank safety deposit box or fireproof safe.
Update your mailing address on important accounts
Go through all of your accounts and update your official mailing address. You can do this online with many accounts, but you may need to call and provide documentation of the move for others. You should also contact the USPS to update your address and set up mail forwarding to your new address.
Change the locks to the home
The keys to the home may have been handed over to you, but it’s a good idea to get the locks changed anyway. This is an important safety measure since there’s no way to know how many copies of the keys have been made or who has them. If any doors have a keypad, change the code or install a new alarm system.
Keep an eye out for mortgage payment details
Depending on your loan, you may have financed in the first payment at closing. After this, keep an eye out for your monthly statement and decide if you want to make physical payments or online. Today, lenders offer the option of making mortgage payments online. This is a fast and convenient way to make payments but know they may have a small online processing fee.
Automatic payments are also an option and help ensure that payments are made on time.
Know that mortgage changing hands is common
If you receive a notice in the mail that your mortgage has been sold to another company, know that it’s normal. There are a few reasons for this. Some lenders only sell mortgages to consumers and sell the servicing rights on the loans post-closing. Instead, they partner with another company to provide loan servicing. Some loan programs are exclusively managed by one company, but they partner with other companies to help distribute these loans. After the loan is closed with the seller partner, the mortgage is then serviced by the original company, or the third party of their choosing.
Guild Mortgage sells mortgages directly to customers and provides the customer service for them as well, so the majority of loans closed with Guild stay with Guild over the life of the loan.
*Research tax deductions and discounts
There are several tax deductions and discounts available for homeowners. For example, in Missouri, the Missouri Property Tax Credit Claim “gives credit to certain senior citizens and 100 percent disabled individuals for a portion of the real estate taxes or rent they have paid for the year.”
Separately, if you have an energy-efficient home, you may be eligible for tax credits as well. Remember that you can also deduct your mortgage payments on your yearly taxes!
*Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.