The journey of buying a new home is both exciting and bumpy. From spending countless hours in finding your dream home to looking for a reliable mortgage lenders Dallas, the process involves so many steps that it is easy for anyone to feel overwhelmed and stressed.
Reaching down the final stages of buying a home is surely a sigh of relief. But did you know the process doesn’t really end even after post-closing?
No, we don’t want to scare you. But the crux of the matter is that there are things you need to do after post-closing and servicing your loan. Not sure what those things are? Continue reading and you will find answers to all the questions you have in mind.
Things you need to do at the time of closing
Throughout the process, your mortgage lender has helped you with your home-financing needs. From selecting the right type of mortgage to choosing the best insurance option, they stayed with you at every step to ensure you seal the deal without any difficulty and hassle.
It’s your closer’s turn to prove his capabilities. He is the one responsible for preparing all the documents you’ll be needing at closing, checking paperwork for you, and determining and conveying the deadlines for each closing file.
Wondering what your lender and title company might be doing at this point? Let’s find out…
Wrapping up loose ends
Yes, you read that right. They will be wrapping up loose ends for you. This includes overnighting your documents, dispersing funds to parties who haven’t collected their payments yet, filling all the necessary documentation, and more.
Your title company will also prepare and provide title insurance within 30-days. The goal of this policy is to protect you from all unexpected and unforeseen financial losses that could emerge in case of a defect in the title of your property.
The good news is, you don’t have to pay a premium for this policy repeatedly as you do in other forms of insurance. It’s a one-time fee that you have to pay at the time of closing only.
Fulfill other legal formalities
At this point, you may also schedule to-dos for at least on-year of ownership. Many things are going to come your way. So make sure you add these dates and deadlines to your digital planner to ensure you keep fulfilling them at the right time.
First things first, you have to file a homestead exemption.
What is a homestead exemption?
A homestead exemption lowers the taxable value of your property if it is your primary residence. The process for filing differs for each state. So you have to get in touch with the relevant authorities in Texas to find out how this works for your home.
Other than that, you may also want to acquire pro-related taxes and watch for an escrow analysis.
Getting your home ready for the move
Besides these legal formalities and mortgage prerequisites, you may also have to prepare your home for a final move. This includes:
Testing smoke detectors
Sometimes the smoke and CO detectors installed in a newly-bought property aren’t functioning. Because some maintenance tasks can’t wait, You need to get these things tested before even thinking about entering your new home.
Servicing of HVAC units
While it is not always essential that you need heating or cooling systems of your home depending upon the time of the year you’re planning your move, it is still a good idea to get them checked before moving into a new house. This will save you from the hassle of making emergency mid-year repairs.
Besides that, you may also consider replacing the furnaces and AC filters. Because these accessories need time to time replacement, changing them before making a move can be a good idea.
Water heater check
If you’re planning your move in colder months, you’ll need your water heater in pristine condition. Call a plumber and get it inspected in time. Also, adjust settings according to your requirements.
Creating copies of important documents
It is also essential to make copies of your buyer’s agent and purchase agreement so that you can secure the original copy in a safer place.
This should, in fact, be the very first thing you should be doing before you close a deal with an agent.
Updating your address information
House moving is an arduous task. Don’t make it more stressful by forgetting about updating your address information.
Contact your bank, insurance companies, credit card service providers, subscription services, utility providers, and lenders to update your information.
Freshen up property
Hire a cleaning service to tidy up your new home for you. A thing as simple as a fresh coat of paint can freshen up the appearance of your entire home, making it look bigger, brighter, and more personalized.
You can also add plants, install crown modeling, and replace your old windows and doors to give your house a fresher look and feel.