BOULDER – After searching, researching and working with your team of professionals, you’ve finally closed on the home of your dreams. So how do you maintain mortgage confidence once the new place is purchased? Read on to learn how to preserve your property long after the offer is accepted and the loan is closed.
A final review of your loan documents will be done for compliance after closing. In addition, any missing information or files may be obtained.
It’s important to note that depending on the lender, many things could potentially happen to your mortgage after the loan has closed. It’s common for the lender to sell your loan. The loan may be sold off in portions or even in its entirety. Do not be concerned. This is a common post-close practice. This type of move shouldn’t have an influence on you – you’ll still be obligated to make your single payment each month.
Paying the mortgage
Depending on what amount you have borrowed and the type of loan, paying off a mortgage can take 15 to 30 years, or even longer. This is by far the lengthiest step in the entire process. It’s your responsibility to make monthly payments, pay taxes and in some cases, maintain homeowner’s insurance. Once you repay the full amount, the lien is removed from your property, and you’ll own your home completely.
For more on this subject and what to expect during closing, visit the Elevations Blog at elevationscu.com/mortgageblog.
By Trevor Cook. Trevor is a Mortgage Loan Originator at Elevations Credit Union in Boulder. NMLS #677809. If you have questions regarding mortgages, please call 720.693.6257 or e-mail firstname.lastname@example.org.