How To Pay Off Your Mortgage – What To Expect Post-Closing

CodeMark TV Episode 25

We’re Now Finished in Your Loan Process

So congratulations again! If you go back through all the episodes and you think about what we’ve gone through, it’s been a tremendous journey. Thank you for making us a part of it!

  1. We have figured out how to get pre-approved.
  2. We have gone through the money that you need to put into your real estate transaction.
  3. We’ve gone through the grueling process of the 30-day close and understanding underwriting, and
  4. In our last episode we were chillin there together at the closing table, because we got that clear to close.

Now it’s done! So what do you do? Well, you can sit back and crack the brew and relax wipe that sweat off your brow and be like: hell yeah, I am a homeowner!

Post-Closing

That’s number one. Number two, and a few other things for you to take into consideration, are some things that they call “post-closing.” So, let’s go into that very quickly.

When your loan closes, or shortly thereafter ~ 30 days 60 days 90 days, you should expect to get a servicing package that will probably say that the mortgage company that closed your loan has now sold your loan to another bank. Not that big of a deal This happens all the time. Banks are always selling money to one another; nothing is going to change in your loan.

All right, that’s the good news, and none of this is bad news.

The next thing that you want to consider, and this is important, while you’re living in this house treat this mortgage like you would any other debt. Try to pay it off as quickly as possible. Now you’re not going to take a 30 year loan or a 20 year loan or a 15 year loan and pay it off in a month or two. Unless, you’re ballin like that. In that case I need to ask you if I can borrow money from you!

What you should be doing is making some additional payments to the principal. This will reduce the debt and the interest over the life of the loan. Do those things. Call us up, and we’ll tell you exactly how to set up those types of practices.

Alright until next time, we’re going to be flipping the script; it’s not over even though it’s over with this, we’ve got a whole lot more information to share! I’m Mark MacInerney President and CEO of Codemark Financial. Catch me on Friday, every Friday, Facebook Live, Lunch with Mark, and I’ll still be here guys, on CodemarkTV. We’ll see ya, congratulations again!

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