Let the mortgage begin! Where do you send your first payment? The closing documents you signed with the Title Rep or Mobile Notary will have a First Payment Letter with instructions on where to send your first payment. The first payment date is also on your Note.
Your loan may be sold to a large bank or other reputable institution and potentially sold a few times. This is normal in the mortgage industry. What that means is that the payee on your mortgage check may change once or more throughout the life of the loan. Rest assured, you will receive a bill every month.
A number of months after you move into your new home, you will also likely receive a supplemental tax bill from the county. The reason for this is that the county has reassessed your property based on its new purchase value which means that you will owe supplemental property taxes based on that value. You must pay this bill to avoid penalties. If you have an impound account, contact your lender to coordinate payment of the supplemental tax bill.
As always, we are here to answer all of your questions and help you with any challenges that may arise. All of our contact information can be found under the Contact Us page on our website.
Finally, please remember that we are also refinance experts, so be sure to come back to us when it’s time to reevaluate your loan based on changing needs. And as always, if you have a family member, friend, co-worker or neighbor who is looking to buy or refinance their mortgages, we would love to help!