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Life as a Homeowner






 
Module 5
Life as a Homeowner
Key Points Summary
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Additional Resources
  • For more information about affordable loan programs and new home loans including Home Equity and Refinance call
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The following key points were discussed in Life as a Homeowner:
  1. You can prepare for a smooth transition to your new home by budgeting for moving expenses, researching assistance for the move, securing your new home, scheduling utility disconnects and reconnects ahead of time and establishing a contact list of important numbers to call.

  2. As soon as your new home is officially yours, change all the door locks and get new keys made.

  3. Always ensure that your homeowners insurance policy is current. Review your insurance policy each year to ensure that you have adequate insurance coverage of your home and your personal belongings.

  4. Paying your home loan on time every month is the single most important thing you can do to ensure that you keep your home.

  5. If you are having trouble paying your home loan, contact your lender or servicer immediately. There may be payment workout options you could qualify for that will help you avoid losing your home.

  6. Make sure you fully understand the rates and terms of your home loan and be prepared for any adjustments.

  7. Sometimes financial hardships make it impossible to keep your home. Be sure you examine all options, such as loan assumption, sale of the property or deed-in-lieu of foreclosure before deciding on foreclosure.

  8. Your home is probably your most important financial asset, so it is important to keep your home in good shape. Conduct year-round preventive maintenance and don’t put off making needed repairs.

  9. When making home improvements, consider hiring an expert. Conduct research, get multiple bids and choose a quality contractor with a good local reputation.
Next Step
Now that you have reviewed the Key Points Summary test your homeowner knowledge with our Quick Quiz.

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