Understanding Your Financial Obligations
The Promissory Note you signed when you bought your home is a legal agreement between you and the lender in which you commit to making your mortgage payments in-full and on time each month. It's important that you honor this agreement.
If the home you purchased is in a community regulated by a homeowners association, it's important that you pay your fees as scheduled. These fees help pay for the upkeep of the common areas, including amenities such as pools and gyms.
You mortgage payment may also include payments to cover private mortgage insurance, property taxes, and homeowners insurance. It’s important to understand what these payments are and how they fit into your monthly mortgage payment.
Now that you own a home, you'll need to protect it by building a budget and savings plan for home repairs and life’s unexpected emergencies.
As a homeowner, it’s important to be able to recognize the financial warning signs that can lead to foreclosure. If you’re facing financial difficulties and struggling to make your mortgage payments on time, the sooner you reach out for help, the better.