Chapter Six

Life as a Homeowner

Congratulations! You have just become a homeowner! You and your planning team have probably been working very hard for many months, or longer, to achieve your goal of owning a home. Take the time to celebrate with friends, family, and others who helped along the way. A housewarming party is a great way to meet your new neighbors and to show off your new home. Enjoy settling in, decorating, and getting familiar with every inch of your house.

After the party, one of the first things to do as you begin to settle in is to read this chapter. As a homeowner, your new responsibilities are to pay back your loan and to maintain the property. Chapter Six, the final chapter, explains how to be successful in your new role. The chapter begins with suggestions to help you settle into your new home, including meeting the neighbors, getting to know your home, safety tips, and defining the roles of those who will offer you assistance. The chapter stresses the importance of making your monthly mortgage payments on time.

In Chapter Six we will review:

• understanding the terms of your loan;
• how to avoid foreclosure;
• maintaining your new home;
• your long-term maintenance plan;
• creating and maintaining a budget; and
• how to get help.

This section will also discuss:

• what it means if your loan is transferred;
• where to send your mortgage payment;
• tips on reducing energy costs.

A checklist and summary at the end of the chapter contain helpful reminders on how to be a successful homeowner.