Post Closing Mortgage Checklist

Congratulations on closing your mortgage! Now that the paperwork is complete and you’re officially a homeowner, it’s time to make sure you’ve covered all your bases. This handy post closing mortgage checklist will help you navigate the next steps, ensuring a smooth transition into your new home. From setting up homeowner’s insurance to updating your contact information, we’ve got you covered. So sit back, relax, and let’s get started on this exciting new chapter in your life!

Table of Contents


Mortgage contract

The mortgage contract is a legal agreement between you and the lender that outlines the terms and conditions of your mortgage loan. It includes important details such as the loan amount, interest rate, repayment schedule, and any fees or penalties associated with the loan. Make sure you carefully review and understand the terms of the mortgage contract before signing.

Closing disclosure

The closing disclosure is a document provided by the lender that outlines the final terms and costs of the mortgage loan. It includes important information such as the loan amount, interest rate, monthly payments, closing costs, and any prepayment penalties. Review the closing disclosure carefully to ensure that all the details are accurate and that there are no unexpected surprises.

Promissory note

The promissory note is a legal document that serves as evidence of your promise to repay the mortgage loan. It outlines the terms of repayment, including the amount borrowed, interest rate, repayment schedule, and any penalties for late payments. Keep a copy of the promissory note in a safe place and make sure you understand your obligations as a borrower.

Deed of trust

The deed of trust is a legal document that gives the lender a security interest in the property as collateral for the mortgage loan. It outlines the rights and responsibilities of both parties and includes provisions for foreclosure in the event of default. The deed of trust will be recorded with the county in which the property is located to protect the lender’s interest.

Title insurance policy

The title insurance policy protects you and the lender from any loss or damage resulting from defects in the property’s title. It verifies that the seller has the legal right to sell the property and that there are no liens or other encumbrances that could affect your ownership. Make sure to keep a copy of your title insurance policy in a secure place.

Homeowners insurance policy

A homeowners insurance policy provides coverage for damage to your property and liability for injuries or damages to others. It is typically required by the lender to protect their investment in the property. Review your homeowners insurance policy carefully to understand what is covered and what is not, and make any necessary changes or updates to ensure adequate coverage.

Proof of payment of property taxes

Proof of payment of property taxes is important to demonstrate that your property taxes are up to date and that you are in compliance with local tax laws. Keep copies of your property tax payments or receipts as proof of payment.

Proof of payment of closing costs

Proof of payment of closing costs is necessary to confirm that you have paid all the fees and expenses associated with the closing of your mortgage loan. Keep copies of all the receipts and documents related to the closing costs to ensure that you have satisfying this requirement.

Loan Servicing

Contact information for loan servicer

The loan servicer is the company responsible for collecting your mortgage payments and managing the day-to-day administration of your loan. It is important to have the contact information for your loan servicer readily available so that you can get in touch with them if you have any questions or concerns.

First mortgage payment due date

The first mortgage payment due date is the date by which your first payment is due after the loan closing. This information is typically provided in the closing disclosure and it’s important to make sure you know when your first payment is due to avoid any late fees or penalties.

Payment methods

Knowing the available payment methods is important to ensure that you can make your mortgage payments on time and in a way that is convenient for you. Common payment methods may include online payments, automatic bank transfers, mail-in checks, or payment by phone. Choose the payment method that best suits your needs and make sure you have all the necessary information to make payments.

Setting up automatic payments

Setting up automatic payments can help ensure that your mortgage payments are made on time each month. You can usually set up automatic payments through your loan servicer’s website or by providing bank account information for direct withdrawals. Check with your loan servicer for instructions on how to set up automatic payments.

Grace period and late payment policies

Understanding the grace period and late payment policies is important to avoid any late fees or penalties. The grace period is the amount of time after the due date during which you can still make your payment without incurring a late fee. Familiarize yourself with the specific grace period of your loan and the late payment policies to avoid any unnecessary charges.

Escrow account information

If your mortgage includes an escrow account for the payment of property taxes and homeowners insurance, it is important to understand how the account works and how funds are managed. Familiarize yourself with the details of your escrow account, including the frequency and amount of payments made into the account, and how any surplus or deficit in the account is handled.

Property Related

Homeowner’s association information

If your property is part of a homeowners association (HOA), you will need to familiarize yourself with the HOA’s rules, regulations, and fees. Understand the restrictions and obligations imposed by the HOA and keep a contact list of the HOA board and management company for any future communications.

Property survey

A property survey provides a detailed description of the property’s boundaries, structures, and improvements. It is important to review the property survey to ensure that there are no encroachments or boundary disputes that could affect your ownership rights. Keep a copy of the property survey with your mortgage documentation for future reference.

Property appraisal

The property appraisal is an assessment of the property’s value conducted by a licensed appraiser. It is important to review the property appraisal to ensure that the value of the property supports the loan amount. If there are any discrepancies or concerns with the appraisal, address them with your loan servicer or lender.

Home inspection report

A home inspection report provides an assessment of the overall condition of the property, including its structural integrity, systems, and major components. Review the home inspection report to identify any issues or repairs that may need to be addressed. Keep a copy of the home inspection report for future reference.

Warranty information

If your property came with any warranties, such as for appliances or structural components, make sure to review and understand the warranty terms and conditions. Keep a copy of the warranty information with your mortgage documentation in case you need to make a claim in the future.

Pest inspection report

A pest inspection report provides an assessment of any pests or damage caused by pests in the property. Review the pest inspection report to identify any issues that may need to be addressed. Keep a copy of the pest inspection report for future reference.

Insurance coverage details

Review the details of your homeowners insurance policy to understand the coverage provided. Make sure you have adequate coverage for your property and personal belongings. Keep a copy of your insurance policy and any related documents, such as declarations pages or endorsements, in a safe place.

Utilities transfer or setup

Arrange for the transfer or setup of utilities, such as water, electricity, gas, and internet, before moving into your new property. Contact the utility providers in your area to ensure a smooth transition and avoid any service disruptions.

Tax and Insurance

Receipt of paid property taxes

Keep copies of the receipts or documentation proving that you have paid your property taxes. This is important for record-keeping purposes and to ensure that you are in compliance with local tax laws.

Proof of homeowners insurance

Keep a copy of your homeowners insurance policy and any related documents to demonstrate proof of coverage. This may be required by your mortgage lender and is important for your own protection.

Escrow account analysis statement

If your mortgage includes an escrow account for the payment of property taxes and homeowners insurance, you will receive periodic statements that analyze the account’s activity. Review these statements to ensure that the account is properly funded and that there are no unexpected shortages or surpluses.

Loan payment details for tax and insurance

Understand how your mortgage payments are allocated towards taxes and insurance. Review your monthly mortgage statements to ensure that the appropriate amounts are being allocated to each account and that your taxes and insurance are being paid on time.

Annual mortgage statement

Your lender will provide an annual mortgage statement that summarizes the activity on your mortgage loan for the year. Review this statement to ensure that all payments and adjustments have been properly recorded and to verify the outstanding balance on your loan.

Payment and Repayment

Loan payment coupon or account number

If you make your mortgage payments by mail, you may receive loan payment coupons to include with your check. Keep these coupons in a safe place and include them with your payment to ensure accurate and timely processing. If you make payments online, familiarize yourself with your loan account number to avoid any errors.

Online account access details

If your loan servicer offers online account access, take advantage of this convenient option to manage your mortgage payments and account information. Set up your online account and keep your login credentials in a secure place. You can use your online account to make payments, view statements, and track the progress of your mortgage.

Monthly mortgage statement review

Review your monthly mortgage statements to ensure that all the information is accurate and up to date. Check the payment amount, interest rate, and outstanding balance for any discrepancies or errors.

Principal and interest payment details

Understand how your monthly mortgage payment is allocated between principal and interest. This information is typically provided in your monthly mortgage statement. Review your statement to see how much of each payment goes towards reducing your loan balance and how much is applied to interest.

Major payment due dates

Be aware of any major payment due dates or deadlines, such as if you have a balloon payment or if your mortgage has an interest rate adjustment. Mark these dates on your calendar to ensure that you are prepared and can make the necessary payments on time.

Extra payment options

If you have the financial means to make extra payments towards your mortgage loan, explore your options and discuss them with your loan servicer. Extra payments can help reduce your loan balance and save you money on interest over the life of the loan.

Borrower’s monthly budget planning

Creating a monthly budget can help you manage your mortgage payments and other financial obligations. Take the time to review your income and expenses and allocate an appropriate amount for your mortgage payment. Use a budgeting tool or spreadsheet to track your expenses and monitor your progress.

Mortgage Modifications

Refinancing considerations

If you are considering refinancing your mortgage loan, take the time to evaluate the potential benefits and drawbacks. Research current interest rates, closing costs, and the impact of refinancing on your monthly payments and overall financial situation. Consult with a mortgage professional to determine if refinancing is the right option for you.

Interest rate reduction options

If you are seeking to reduce your interest rate, inquire with your loan servicer about the available options. Depending on market conditions and your financial situation, you may be able to qualify for a lower interest rate, potentially saving you money over the life of the loan.

Term modification options

Depending on your financial goals and circumstances, you may consider modifying the term of your mortgage loan. Shortening the loan term can help you pay off your mortgage faster, while lengthening the term can lower your monthly payments. Discuss the available options with your loan servicer to determine which modification aligns with your financial objectives.

Changes in employment or income

If you experience significant changes in your employment or income, contact your loan servicer to discuss any potential impact on your ability to make your mortgage payments. They may be able to offer guidance or alternatives, such as loan modifications or payment plans, to help you through a difficult financial situation.

Loan assumption guidelines

If you are considering transferring the responsibility of your mortgage loan to someone else, be aware that loan assumption is subject to certain guidelines and requirements. Consult with your loan servicer to understand the process, potential fees, and any restrictions associated with loan assumption.

Subordination agreement requirements

If you are considering taking out a second mortgage or a home equity loan, you may need to obtain a subordination agreement from your current mortgage lender. A subordination agreement establishes the priority of the new loan in relation to your existing mortgage. Contact your loan servicer to discuss the requirements and process for obtaining a subordination agreement.

Post Closing Mortgage Checklist

Legal and Consumer Rights

Escrow account regulations

Escrow accounts are subject to certain regulations and requirements to protect the interests of the borrower and the lender. Review the laws and regulations governing escrow accounts to understand your rights and responsibilities. If you have any questions or concerns about your escrow account, contact your loan servicer.

Right to rescind or cancel

Under certain circumstances, you may have the right to rescind or cancel your mortgage loan within a specified period after closing. Review the terms of your loan agreement and consult with legal counsel to understand your rights and options.

Consumer protections and disclosures

Consumer protection laws and regulations are in place to safeguard borrowers from unfair practices and to promote transparency in the mortgage lending process. Familiarize yourself with the various consumer protections and disclosures that apply to your mortgage loan and consult with legal counsel if you have any concerns or questions.

Property rights and ownership

As a homeowner, you have certain rights and responsibilities regarding your property. Understand your rights to occupancy, privacy, and the use of the property, as well as any restrictions or limitations imposed by homeowners association rules or local zoning regulations.

Right to access loan documentation

As a borrower, you have the right to access and review your loan documentation, including the mortgage contract, promissory note, and closing disclosure. Keep copies of these documents in a safe place and consult with legal counsel if you have any questions or concerns.

Dispute resolution options

If you have a dispute or disagreement related to your mortgage loan, be aware of the available options for resolution. These may include mediation, arbitration, or legal action. Consult with legal counsel to understand your rights and explore the best course of action.

Credit and Reporting

Periodic credit report review

It is important to regularly review your credit reports from the major credit reporting agencies to ensure their accuracy and to identify any potential errors or discrepancies. Request a free copy of your credit report annually and address any issues promptly.

Reporting errors and corrections

If you identify any errors or inaccuracies on your credit reports, take steps to correct them. Contact the credit reporting agency in writing to dispute the inaccurate information and provide any supporting documentation.

Credit reporting agencies contact details

Keep a list of the contact information for the major credit reporting agencies, including their mailing addresses, phone numbers, and websites. This information is important if you need to dispute information on your credit report or if you have any questions about your credit history.

Credit score monitoring

Monitoring your credit score can help you track your progress and identify areas for improvement. There are many free credit monitoring services available that provide you with regular updates on your credit score and alert you to any significant changes.

Effect of mortgage on credit

Understand how your mortgage loan affects your credit score and credit history. Your payment history, outstanding balance, and credit utilization rate all contribute to your credit score. Make your mortgage payments on time and manage your credit responsibly to maintain a positive credit profile.

Post Closing Mortgage Checklist

Financial Planning

Emergency fund strategies

Building an emergency fund is an important part of financial planning. Set aside a portion of your income in a separate savings account to cover unexpected expenses or financial emergencies. Aim to have enough money to cover at least three to six months’ worth of living expenses.

Retirement savings planning

Make retirement savings a priority. Contribute to your employer-sponsored retirement plan, such as a 401(k) or IRA, and consider consulting with a financial advisor to determine the best retirement savings strategy for your individual needs and goals.

Savings and investment options

Explore different savings and investment options to grow your wealth over time. Consider opening a high-yield savings account, investing in mutual funds or index funds, or diversifying your investment portfolio with stocks, bonds, or real estate.

Mortgage prepayment planning

If you have the financial means to make extra payments towards your mortgage loan, develop a prepayment plan to accelerate your repayment and save on interest costs. Calculate the impact of making additional payments and determine a strategy that aligns with your financial goals.

Tax implications of mortgage interest

Understand the tax implications of mortgage interest and how it may impact your overall tax liability. Consult with a tax advisor to determine if you qualify for any deductions or credits related to your mortgage interest payments.

Financial advisor assistance

Consider seeking the assistance of a financial advisor to help you navigate the complexities of mortgage management and financial planning. A financial advisor can provide personalized guidance, help you set financial goals, and develop a comprehensive plan to achieve them.

Additional Resources

Loan servicer’s website and contact information

Keep a list of the loan servicer’s website and contact information for easy reference. This is particularly useful if you need to access your account online or if you have any questions or concerns regarding your mortgage.

Federal mortgage assistance programs

Explore federal mortgage assistance programs that may be available to you, such as loan modification programs, refinancing options, or foreclosure prevention programs. These programs are designed to provide relief and support to homeowners facing financial difficulties.

Housing counseling services

Housing counseling services can provide valuable guidance and assistance throughout the homeownership process. They can help you understand your mortgage options, budgeting, credit management, and foreclosure prevention. Research and contact reputable housing counseling agencies in your area for assistance.

Legal aid organizations

If you have legal questions or concerns related to your mortgage loan, consult with a legal aid organization in your area. These organizations provide free or low-cost legal services to individuals who cannot afford to hire an attorney.

Consumer financial protection resources

The Consumer Financial Protection Bureau (CFPB) provides valuable resources and information for consumers regarding mortgage loans and protections. Visit their website to access educational materials, complaint tools, and guidance on various financial topics.

By following this comprehensive post-closing mortgage checklist, you can ensure that you have all the necessary documentation, understand your loan and its terms, and are equipped to manage your mortgage effectively. Remember to consult with professionals, such as loan servicers, financial advisors, and legal counsel, to address any specific questions or concerns you may have. With proper planning and organization, you can navigate the complexities of homeownership and make informed decisions throughout your mortgage journey.


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