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Post-Closing

After the closing, the majority of your work is over. Following are some post closing matters that occur for many homebuyers.

Servicing Transfer Statement - Once you begin making your monthly mortgage payments you may receive a Servicing Transfer Statement from your lender. The lender that sold your mortgage loan may not necessarily be the lender that will be servicing your loan. This Servicing Transfer Statement will indicate that your loan has been sold. This simply means that your lender has sold your mortgage loan to another lender. This has no impact on your mortgage except that you will be paying your monthly mortgage payments to another lender.

Mortgage Payment Adjustments - Periodically your loan servicer will send you a new statement showing the payment due for each billing cycle. This amount may go up or down depending on several factors. For example, if the local property tax rate has been raised the payments may be increased to maintain sufficient funds in the escrow account.

Homeowner's Association Fees - If the property you purchased is part of a Homeowner's Association (HOA) you will need to inform them that you are the new owner of the property. Most Homeowner's Associations require you to pay a fee. The fee is usually collected monthly or quarterly and usually covers trash pickup, snow removal, maintenance of common areas, and use of community facilities.

 

Information on the Closing Process

 

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