In part one of this two-part blog series, we went over some of the initial areas you should be considering after your mortgage closes and your funds process. This is often a relief period for many buyers after what can be a complex mortgage acquisition and home purchase, but there are a few important details to be sure you don’t forget about.
At Altius Mortgage and our partners at Mortgage Ogden, we can help with the post-mortgage period for any of our fantastic mortgage loans throughout Utah. Here are a few other areas to consider here, including some tax considerations and a few property-related factors to think about.
One of the first things many buyers do after receiving their mortgage funds is bring up their amortization schedule, which is usually available in download or printed form. This schedule shows exactly where your mortgage payments are going – which percentage is to interest versus principal, for instance, and other details. If this is not provided by your lender, you can use third party calculators to break it down yourself.
A few areas to get right to work on when it comes to your new home:
- Security: Whether this means a home security system, outdoor lighting or even something more significant like cameras for surveillance, ensure you and your family are secure and safe in the home. Another smart tip here: Get to know your neighbors, and consider participation in a neighborhood watch if one exists.
- Renovations: It’s tempting to hold off on any renovations early in homeownership, often because you’ve simply dealt with enough recently with all the mortgage details. But home improvements early in the process can be a great idea, both because they’re easier to plan (you haven’t fully moved in yet) and because they bring upgrades right away, rather than being forced into these years later.
- Claiming property: You can also go onto sites like Zillow or Redfin and claim your property once your sale closes. On these sites, you can track future home value, other local property values, and even edit home facts and pictures if you make upgrades.
Insurance and Taxes
A big part of your mortgage agreement will include details on who pays areas like property taxes, mortgage insurance and homeowner’s insurance. Some of these funds may be paid by the lender through an escrow account, while some will be yours alone. Whatever your arrangement, be sure you’re holding up your end from the start.
As you may have been told during the mortgage acquisition process, spending is often limited as you attempt to acquire a mortgage. You don’t want to lower your credit score or change your debt-to-income ratio, both huge factors in getting a great mortgage.
Once you have your mortgage, though? You’re free to make larger purchases you may have been holding off on for these reasons. Be careful not to spend so much that you risk problems with your new mortgage payments, of course, but the risk of lowering your credit score or other ratios is not as meaningful now.
For more on important areas to consider after closing a mortgage, or to learn about any of our mortgage loan services, speak to the staff at Altius Mortgage today.