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Step 7

Welcome to Homeownership

You are finally a homeowner! What’s next?

 

Congratulations! Now it’s time to take the next steps, from setting up utilities and budgeting for ongoing expenses to maintaining your home, understanding your mortgage, and planning for the future so you can protect your investment and truly settle in with confidence.

1

Before You Move In

  • Change the locks to secure your new home. And don’t forget to reprogram keypads of keyless entry devices. You may also want to consider a home security system or security cameras.
  • Do a deep clean. Hire a professional or do it yourself. Be sure to clean out appliances (including the washing machine) with antibacterial soap.
  • Update your address with the post office, motor vehicle commission, banks, credit card companies, IRS and other important contacts.
  • Test smoke and carbon monoxide detectors and prepare an evacuation plan in case of an emergency.
2

On Moving Day

  • Pack a box of items you will need on the first day before you are fully unpacked, such as paper goods, trash bags, toiletries, towels, bedding, change of clothes, medication, first-aid items and chargers for your electronic devices.
  • Pack a separate box of kitchen essentials like snacks, dish soap, coffee maker, and basic cookware.
  • Secure essential documents, such as identification, birth certificates, financial and medical records, and keep them easily accessible.
  • Note the condition of items as they arrive and check them against an inventory list to be sure everything arrives safely.
  • Make sure children and pets are in a safe place and cannot get out through open doors while movers are coming in and out.
3

After Moving In

  • Locate the main water and gas shut-off valves and fuse box and inspect the house for any issues that may have been missed during the home inspection.
  • Prioritize unpacking your items. Your essential items should be unpacked first.
  • Introduce yourself to your new neighbors.
  • Place water pans under the washer and hot water tank with water alarms to detect leaks.
  • Create a binder to gather home information such as insurance policies, repair receipts, paint colors, appliance manuals, etc.
  • Tackle regular maintenance items:
    • Clean gutters
    • Replace the furnace filter
    • Service the HVAC, water heater, chimney, and dryer vent
    • Trim bushes and branches away from the house
    • Inspect the exterior for rodent entry points and wood rot
    • Replace cracked or missing cover plates on electrical switches and receptacles to prevent electric shocks
    • Check expiration dates on fire extinguishers
  • Get familiar with your new neighborhood and locate the nearest police stations, fire stations and hospitals.
4

Mortgage Payments

  • Your mortgage payment will be due to your mortgage company every month. When you purchase your house, your mortgage company will tell you when your first mortgage payment is due and the different ways you can pay your mortgage each month. It will most likely be their preference to receive your payments through their automatic and recurring payment system.
  • If you pay your mortgage late, a late fee will likely be added to your bill. Late fees are typically charged 15 days after the payment due date.
    If you cannot make a full mortgage payment by the due date, immediately contact your mortgage loan servicer’s loss mitigation department to discuss options available to you. Some options may include Forbearance A temporary agreement allowing borrowers to pause or reduce mortgage payments due to financial hardship, acting as an alternative to foreclosure. forbearance , Loan Modification A permanent restructuring of a loan agreement between a lender and a borrower facing financial hardship designed to make payments more affordable and avoid foreclosure. loan modification or a repayment plan.
  • Not paying your mortgage and ignoring a payment problem can lead to late fees, credit score damage, and eventual foreclosure. A HUD-approved housing counselor can provide helpful counseling. The sooner you reach out for help, the more that can be done to avoid significant damage to your finances and housing security.

Looking back at the previous steps

Get more information based on where you are in the process.

Step 1 Know When You’re Ready Step 2 Saving for Homeownership Step 3 Working with a Mortgage Lender Step 4 Shopping for a Home and a Real Estate Agent Step 5 Making an offer on a Home Step 6 Getting Ready to Finalize Your Home Purchase Step 7 Welcome to Homeownership
 
Step 1

Know When You’re Ready