After closing a home loan and completing the home loan process with the best mortgage lender in Dallas (#humble) there are still some “to do” items that can save time and money.
The Mortgage Mark Team has compiled a helpful list since we want to be your top recommended mortgage broker in Dallas. Our recommendation is to set appointments with yourself on your calendar (like Outlook, Google Calendar, etc.) and include this page’s URL as a reference.
After Closing a Home Loan
Various tasks can easily be forgotten after closing a home loan due to a busy life. All information below are relevant to purchase transactions. Items with (R) pertain to refinances.
Mortgage Loan Process Outline
Click here for an overview on each step.
- Loan Packaging & Lender’s Disclosures (1-2 days)
- Loan Setup (2-3 days)
- Processing / Credit Approval (2-3 days)
- Initial Underwriting Approval (2-3 days)
- Sign the Initial Closing Disclosure (CD) (Immediate)
- Final Underwriting Approval (1-2 days)
- Docs to Title / Final CD Issued (1-2 days)
- Closing & Funding (TBD)
- After Closing <– YOU ARE HERE
Junk Mail (R)
For the next three months the junk mail will be plentiful. After closing on a home loan the title company files the deed with the county. This is public information. Once that happens a slew of solicitors will inundate the homeowner with all kinds of junk mail. Please know that this is not us despite the fact that some of the letters will use our company name.
Most of the junk mail appears to be junk; however, there are some sneaky solicitations that appear legitimate. Please contact us if you have any doubts about what’s legitimate. Ultimately know this: you’re done paying money with the exception of your mortgage payment and your HOA dues. You may ignore the demands to pay for: filing your deed, filing a homestead exemption, or getting mortgage life insurance.
Texas is a non-disclosure state which means many of the purchase details are not public information. Therefore, after closing a home loan, when the county request specifics regarding the purchase price and financing details, know that you are not obligated to provide that information. One could argue that the information should not be provided in the event you want to contest your property value for tax values down the road to save money on property taxes.
Next 30-60 Days
The following items are things you need to do (or watch for) over the next 30 to 60 days after closing a home loan. The most noteworthy is watching for that first payment letter that provides details on how to make your first payment. The other is that you don’t need to pay anyone any money (other than your mortgage payment to your mortgage servicer). So don’t pay anyone to to file your deed, file your homestead, etc..
FYI, you don’t need to tell the county what you paid for the home… because they will ask. Texas is a non-disclosure state.
- Finish Your moving checklist
- Call the home warranty company (if you have one and need something fixed)
- Get first payment details and setup auto draft (R)
- File over 65 and disabled person exemption (if applicable)
Our recommendation for the items below is to set an appointment with yourself after closing a home on your calendar (like Outlook, Google Calendar, etc.) and include this page’s URL as a reference.
- File homestead exemption (if primary residence) – in January
- Get various income tax deductions – March or April (or whenever you do taxes) (R)
- Watch For An escrow analysis (if you escrow) – around February or March (R)
- Know that property taxes increase after construction so watch for this when your mortgage company conducts your escrow analysis and rebalance
- Contest property value for tax purposes – do annually in April (R)
- Get Pro-Rated Taxes From Seller – in January (or once your taxes are paid)
Future – Down the Road
In conclusion, the items below are often overlooked because there’s no definitive timeline for these. We recommend setting an annual reminder on the anniversary of your closing for these items.