Week one — safety and access
Change or rekey every exterior lock. Test every smoke and carbon monoxide detector and replace the batteries regardless of what the inspector said. Find and label the main water shutoff, the gas shutoff, and the electrical panel breakers — you want to know these before an emergency, not during one.
Walk the exterior and photograph the roof, gutters, grading, and any existing damage. That baseline is genuinely useful for insurance claims later.
Week two — money setup
Your loan may be sold to a servicer shortly after closing; that's routine and your terms don't change. Set up your servicer account, enable autopay, and confirm exactly when the first payment is due — typically the first of the month after a full month has passed, which means your first payment is often 30 to 60 days out.
Understand your escrow account: what's collected, what's held, and when the annual analysis runs. Escrow shortages after year one surprise more new owners than any other cost.
Week three — systems and warranties
Register appliance warranties. Replace the HVAC filter and note the size. Locate the model and serial numbers for the furnace, water heater, and AC unit, and write down their approximate ages — that determines what you'll be replacing in the next five years.
If a home warranty came with the purchase, read what it actually covers before you need it.
Week four — build the reserve and the calendar
Start an automatic transfer into a home maintenance account. The planning rule is 1% to 2% of the home's value annually. Set it and forget it — the roof, the water heater, and the AC are not surprises, they're scheduled expenses with unknown dates.
Build a simple maintenance calendar: filters quarterly, gutters twice yearly, HVAC serviced annually, water heater flushed annually, and a roof and caulking inspection each spring.
Also worth doing in month one
- Update your address with your bank, employer, insurers, and the DMV
- File for a homestead exemption if your state offers one — it can lower property taxes meaningfully and it's often a single form
- Meet your neighbors; they know which contractors are worth calling
- Save your closing package somewhere you'll find it at tax time
Frequently asked questions
When is my first mortgage payment due?
Usually the first day of the month after a full month has elapsed since closing. Closing on July 20 typically means a September 1 first payment.
My loan was sold. Is something wrong?
No. Loans are routinely transferred to servicers. Your rate, term, and balance are unchanged; only where you send payment changes.
Should I buy a home warranty?
It depends on the age of your systems and your cash reserve. If replacing an HVAC unit tomorrow would be a crisis, a warranty may be worth it.
What is a homestead exemption?
A state-level property tax reduction for owner-occupied primary residences. Rules and deadlines vary, so check your county assessor in your first month.
Run your numbers
Take what you just learned and apply it to your file.