Post closing - making a payment, filing for a homestead exemption, and more!
Your loan will be set up for servicing after closing. A “first payment letter” will be included with your closing package, but basically this is what happens:
1. You close your loan.
2. Your first mortgage payment gets made to us (Open Mortgage LLC).
3. Your loan gets placed with an investor who will service your loan.
4. Once the loan is placed, they will provide additional information on how to make your payments moving forward.
5. You will have the option to set up auto draft payments or a payment method of your choosing. *Bill-pay options will depend on what bank you use for your banking needs. We encourage waiting to set up auto-draft or bill-pay options until AFTER your loan has been placed with an investor.
If you live in the property, you will want to file a homestead exemption with the county. Normally this is filed in January. This will identify your home as your primary residence and give you a discount on your tax bill. It also limits any tax bill increase to no more than 10% per year.
If you are afraid you will forget to do this, there is an easy way to remember! There are multiple companies that will offer to file your homestead exemption for a fee. Most buyers get multiple offers from various companies that comb the public tax records looking for ownership changes. It isn’t necessary to use those services; filing a homestead exemption is free! So let those offers be your reminder to get the homestead exemption filed. Feel free to contact your loan officer who can help with this.
We know this is a lot to take in, but the point is that we’re there every step of the way to help! Even after you close your loan, we’re merely a text, email, or phone call away!
Ready to get the process started? Click “apply now” below!
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