Navigating Your New Homeownership Journey: What to Do After Your Loan Funds

Congratulations, your loan has just funded! The keys to your new home are within reach, but what’s next? Let’s navigate the post-loan process together.

1. Key Handover with Your Real Estate Agent:

The first step is getting those keys from your real estate agent. However, this can only happen once your loan officially records in the county, marking you as the proud homeowners of your new property.

2. Stay Informed through Emails and Mail:

After the joyous moment of becoming a homeowner, brace yourself for a flood of emails and solicitations. Since your home purchase is public record, the county will know about it, and you’ll receive various communications. Some may resemble legitimate bills, while others may be less clear. If you’re unsure, don’t hesitate to reach out for assistance in distinguishing between important documents and junk mail.

3. Loan Servicing and Mail Checks:

Check your mail to confirm if your loan is being serviced by another lender. While your loan may have originated with a specific lender, it could be sold to a loan servicing company responsible for collecting mortgage payments. These companies often act as debt collectors, reaching out for refinancing opportunities or other loan-related activities. If you’re uncertain about your loan terms or have questions, a call to your trusted advisor can provide clarity.

4. Supplemental Tax Bill Awareness:

Don’t forget to check your mail for the supplemental tax bill, a crucial document not included in your monthly mortgage payment. Unlike the annual tax bill covered by impound or escrow accounts, the supplemental tax bill addresses the lag time between the previous owner’s purchase price and yours. Be prepared for a one-time special assessment, divided into two payments. If you have any queries regarding this bill, reach out for guidance on where to find relevant information.

5. Share Your Experience:

As you settle into your new home, consider sharing your experience by writing a Google review for your advisor. They’re there to support you through every step of your home-buying journey, whether it’s your first home, an investment, or refinancing. Your feedback helps others discover the guidance they need.

Embarking on homeownership is a significant achievement, and understanding what comes next ensures a smoother transition into your new life chapter. Enjoy your new home! I am here for you now, and long after your home loan funds to guide you through lowering your rate, dropping PMI, accessing equity and buying more real estate.