What are the top 5 Things You Should Do After Closing?
Welcome to this week’s The Mortgage Minute. This week we take a look at the Top 5 Things You should do after Closing.
The Mortgage Minute is weekly informational series presented by Laura Borja, Your San Diego home loan expert.
Top 5 Things You Should Do After Closing -Documents
Though you will be receiving copies of the documents recorded at your county recorder’s office, those will not include all of the documents you signed. Your Escrow company should have provided you with a copy of the full set of final loan documents. it is a good idea to keep these in a safe place just in case.
Top 5 Things You Should Do After Closing -Safety and maintenance
Change your locks, gate codes as well as the code for your garage door. There is no way for you to know who previously might have keys or access codes to that home. You want to make sure no one is able to open your garage door or unlock the front door and walk right in.
Change the batteries in your smoke detector. If you had a home inspection, the inspector probably tested the device, but you have no idea if those batteries have one more year left or one more day… Better safe than sorry.
Top 5 Things You Should Do After Closing -Address
Make sure that you set up mail forwarding and that you update your address with your employer, banks and creditors. Remember, not receiving a bill it’s not an excuse for missing a payment
A change of address requires that you re-registered to vote. Also, make that you update your driver’s license and car registration with the DMV.
Top 5 Things You Should Do After Closing- Your Payment
Except in very special circumstances, the first payment will be due on the second month after you close escrow.
You should receive a statement before your first payment is due, but if you don’t, the set of loan documents that was provided to you at closing includes a first payment letter or coupon
I suggest not setting up automatic payments until after you have made a couple of payments just in case the servicing of your loan is sold. Trying to change automatic payments could cause a delay in your payment being received.
Your HOA, if you have one, is billed separately. The first month was probably collected at closing. Contact your HOA management company directly for payment instructions if you don’t receive a statement
Mark your calendar and make sure you send in your first payment on time.
Top 5 Things You Should Do After Closing – Property taxes
Keep an eye out for property tax bills, in particular, supplemental tax bills. If your mortgage includes an impound account for your taxes, the regular annual tax bill will be sent to your lender but the supplemental bill is not. Not paying the property tax bills on time will result in tax penalties.
There you have it!
My recommendation of the top 5 things you should do after closing.
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