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What To Know Now That You’re a Homeowner

So you’ve finally closed on your home mortgage loan. Congratulations! You are the proud new owner of a house or condominium—feels great, doesn’t it? While we expect all new property owners to take a moment to relish in their new purchase, we encourage all of our clients to begin preparing for the future by creating a financial planning checklist filled with all of the upcoming costs and fiscal considerations that come along with owning a home.

Your Mortgage After Closing Financial Planning Checklist should consist of all of the ‘other’ things you need to consider now that you have a house. If you’re not sure where to begin, check out this checklist:

Blue Water Mortgage’s After Closing Financial Planning Checklist

Buy Home Insurance — Do you have it? You should. Home insurance is designed to protect a homeowner against loss from fire and other hazards that may impair the value of their home. In many cases, your lender likely requires you to have home insurance as a way of covering their investment.

Get Life Insurance — What if something were to happen to you? Would someone be able to pay off your mortgage? Life insurance is a great way to ensure that should something happen to you, whoever is in charge of your estate is able to handle your mortgage payments.

Speak with a Certified Public Accountant — Even after your mortgage has been approved you may be required to provide certain documentation offering proof of your income, job status or living arrangements. A CPA is capable of providing third-party documentation that could be requested by your lender.

Talk to a Tax Preparer — If you’re a first time homebuyer chances are you’ve never filed an itemized tax return before. The truth is your tax situation will become a bit more complicated after buying a home, so it’s a good idea to confer with a tax preparer before doing anything on your own.

Engage a Real Estate Attorney — A real estate transaction can be overtly complicated and confusing, especially when talking about foreclosed property or a short sale. If you have a question, the best place to go is with a real estate attorney who is familiar with the legal jargon surrounding mortgages and real estate law.

Create a Trust — A trust is a great way to leave a house and other assets to your loved ones without the lengthy and sometimes expensive probate process of settling an estate. A trust is a dependable way to ensure your wishes because they are set up under state law. Consider setting up a living trust, which will remain under your control during your lifetime, thereby allowing you to make changes to your mortgage or refinance.

Start Saving for Your Kid’s College — If you’ve reached that point in your life where you’re beginning to worry about how you’re going to afford your child’s college tuition, it may be in your best interest to begin examining the benefits of home mortgage refinance. Taking advantage of lower mortgage rates allows you to save money, which can then be put away for your child’s education.

Establish a 401(k) — A 401(k) plan is a great way to start planning for your retirement. This savings plan, which lets you save and invest a piece of your paycheck before taxes are taken out, is a great thing to have when you do ultimately retire—especially if you still owe money on your mortgage.

Invest in an IRA — Similar to a 401(k) plan, an IRA or Independent Retirement Account is a specific type of savings plan that allows you to prepare for your pending retirement. In a traditional IRA you make contributions with money you may be able to deduct on your tax return and any earnings can potentially grow tax-deferred until you withdraw them in retirement.

Designate a Responsible Estate Administrator — Otherwise known as an executor, the person you designate to be your estate administrator would be in charge of your entire estate—which includes all of your assets and property. It’s a good idea to have someone responsible in mind who you feel will carry out your wishes properly.

Hire a Financial Planner — Getting a hold on your financial future is a great way to achieve piece of mind, as well as maximize your investments for future retirement. If you’re fiscal house is in need of organizing, a financial planner is the perfect person to start cleaning house.

At Blue Water Mortgage Corporation, we’re more than just your mortgage brokers. We want to make sure you continue to have positive experience after your mortgage closes. Having built up a sterling reputation over the years, our team of mortgage professionals has all the contacts you will need to ensure your life remains on track well after closing on that home mortgage. We have close personal relationships with professionals from tax attorneys to accountants, to certified financial planners and we would love to introduce you to them.


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