Once you’ve signed your closing documents and the home is officially yours, a new journey begins! You’ve been given the keys to your house but now it’s time to make sure you have a smooth transition from your previous residence into your new home. Here are a few things you should keep in mind during the transition.
- Make sure to keep all of your documents in a safe place. There are a lot of documents you’ll need to review and sign during closing. It’s important to make sure you keep documentation about your home purchase. There are several reasons that this information may be needed in the future.
- Know when to make your first payment! Mortgages are paid in arrears and on the first of each month. What does this mean? When you make a payment on your mortgage you are paying for the month prior, not for the current month. Make sure to discuss this with your mortgage advisor and verify when your first payment will need to be submitted and set a reminder.
- Your loan servicing will most likely change. When you close a loan with McLean Mortgage Corporation, you will be able to send your first mortgage payment to us. We then distribute the funds as needed. It is a very common practice in the mortgage industry for your servicing to change to another company. You will be able to reach out to the new servicing company with questions regarding your payments, taxes, and other inquiries. You will need to look out for a letter from McLean Mortgage notifying you of the change and you will receive a welcome letter from your new servicer. Don’t worry though because the terms of your loan will not change once transferred.
- Verify your address change. You may have already started this process because prior to moving in you will need to make sure to have utilities set up, that your mail is sent to your new address and your home insurance company has been informed, etc. It is a lot to remember, so here is a list to help keep you on track with people and companies to inform of the change.
- Keep an eye out for junk mail! Buying a home is public record so you will likely receive a lot of mail trying to solicit payments or business from you. You should open everything to make sure you have the correct servicing information. You may receive advertisements that look like a bill or ask you to pay for Mortgage Protection Insurance. Items may even appear as if they come from McLean Mortgage but are not associated or affiliated with our company. Please reach out to your mortgage advisor if you have any questions.
- You’ll receive an escrow analysis if you have escrowed your taxes and insurance. This may adjust over time and as they change so will your monthly payment. You will receive an analysis each year to show current information and projected amounts.
- Call your mortgage expert if you are unsure about anything with your new home. We intend to be your lender for life and are happy to help even after the closing of your home loan.