While the process of building toward obtaining a mortgage and purchasing a home may feel like cresting a mountaintop, it’s important to realize that your work doesn’t stop when the final paperwork is signed. Homeownership is a detailed area that requires diligence and hard work, plus a continued commitment to strong financial decisions.
At Wasatch Peaks Credit Union, not only are we here to provide quality mortgage rates and mortgage loan options, we’ll help you square your finances in a way that leaves you set for the future as a new homeowner. Let’s go over a few areas, both financial and general, that you should be considering immediately after buying a new home.
For starters, one of your very first steps should be to change your address. This is important for several distinct areas, from receiving mail to ensuring your information is standardized across various financial accounts, cards and related services.
First off, file change of address paperwork with the local post office, either online or in person (online options sometimes charge a fee). From here, update address listings on all your bank, credit card, insurance and other accounts. For pet owners, also be sure to update the address if your animal has a GPS chip in case they’re lost.
Another area to begin work on – if you haven’t already in the lead-up to your purchase, that is – building an emergency fund. Owning a home means occasionally dealing with some unexpected issues, from broken appliances to issues with plumbing or HVAC areas. If you have a fund built up for these kinds of concerns, you’ll never be stuck with a damaged financial situation or required to take out a loan just to cover a major home expense.
Paperwork and Storage
Many home purchases, even in today’s online day and age, come with a great deal of paperwork and documentation involved. If you don’t have specific computer files with all of this information contained in them, it’s vital to make copies of all these documents and keep them in a safe location – a safety deposit box is always a good choice here, or a family binder in a secured area of the home.
Locks and Security
Finally, if you’re moving into a home that has been previously owned rather than a brand-new house, it’s never a bad idea to change the locks and other security areas, such as alarm codes. You never know if someone out there has a copy of the previous key or may have been told the previous alarm or garage code, and it’s better to be safe than sorry, as they say.
For more on areas to prioritize directly after purchasing a new home, or to learn about any of our home loans, car loans, small business loans or other services, speak to the staff at Wasatch Peaks Credit Union today.