Congratulations on signing your mortgage paperwork and receiving the keys to your first home! Now that you’re a homeowner, there are some important things to keep in mind to protect your investment and ensure long-term financial success.

Maintain Your Home

Owning a home comes with significant responsibility. It’s essential to take care of your property, as it’s likely your largest investment.

Make Timely Mortgage Payments

Regardless of the payment frequency you choose, always ensure your mortgage payments are made on time. Late or missed payments can lead to penalties and negatively impact your credit score. If you’re having difficulty making payments, reach out to your mortgage broker as soon as possible.

Plan for Home Operating Costs

Beyond your mortgage, property taxes, and insurance, there are ongoing costs associated with homeownership. Regular maintenance and repairs, as well as expenses like security monitoring, snow removal, and landscaping, should be factored into your budget. If you own a condominium, some of these costs may be covered by your monthly fees.

Stick to Your Budget

Create a monthly budget and make it a habit to stick to it. Review your spending regularly to ensure you’re meeting your financial goals. If your expenses exceed your income, consider ways to increase your earnings or reduce your spending.

Save for Emergencies

As your home ages, you’ll inevitably face unexpected repairs. Aim to set aside about 5% of your income each year for an emergency fund to help you manage these costs when they arise.

If you have any questions about closing or mortgage maintenance, don’t hesitate to reach out to me, your Mortgage Expert! I’m here to help you navigate this exciting new chapter.