How to be a Professional Home-Owner

Feb 12, 2020 12:12:57 PM / by Brett O'Daniell

It's right around the corner; The paperwork is done, the insurance is paid, you are moved into your new home. The power is turned on and the movers just set down the last piece of furniture. Finally, you have time to rest right?

You're almost there!

By following the expert's check-list provided by HomeTraq, you can guarantee that you manage your new home or property like a professional!




Mortgage Payment

  • Confirm the amount, due date and method of payment (such as direct debit from your checking account).

Other Monthly Housing-Related Fees

  • Condos, townhouses and co-ops may also have monthly association fees.

Prepaying Your Mortgage

  • Consider making additional principal payments to speed your equity build-up.

Transfer of Servicing 

  • If loan is transferred to another servicer, ensure payments are sent to the correct entity.

Consider and Impound Account

  • Impound accounts exist for the purpose of collecting taxes and insurance so that your credit union can remit these funds on your behalf.
  • Impound accounts are called escrow accounts in some parts of the country.
  • Ensure property taxes and insurance payments are paid current and no negative balance exists in your impound account. Adjustments to taxes and insurance payments may occur when the value of your property increases and will be reflected in your monthly payment if you have an impound account.

Preparing your Federal Tax Submission

  • Your mortgage servicer will send a Form 1099 early in the year (generally by Jan. 31). You may be able to deduct your mortgage interest and property taxes plus some of you closing costs. Consult with a professional tax advisor for more information.

Financial Emergency

  • Always have a savings cushion.
  • Consider alternate sources of funds for mortgage payment.
  • Contact a credit counselor at your local Consumer Credit Counseling Services (CCCS). Contact your Servicer if you are going to be late or miss a payment.

Alternatives to Foreclosure

  • Some of the options your servicer may present, depending on your financial circumstance, include:
    • Forbearance 
    • Loan modification 
    • Assumption 
    • Preforeclosure sale
    • Deed-in-lieu of foreclosure

Topics: Mortgage, foreclosure, payments, mortgage payments, maintenance, emergency funds

Brett O'Daniell

Written by Brett O'Daniell

Co-Founder of HomeTraq. 18+ years real estate and mortgage experience.

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