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Welcome Home

You've purchased a new home. Congratulations! Here at Atlantic Bay Mortgage Group®, we couldn't be happier for you, and we're thankful for the opportunity to serve you during this process.

As you settle in, you're probably wondering what happens next with mortgage payments, closing documents, taxes and more. We suggest bookmarking this page so you can refer to it as questions come up. Please feel free to reach out if you have questions that aren't covered below!

 

Where to send your first mortgage payment

You should find the first payment letter in your closing packet. It has the address you can send your payment to along with a phone number you can call with any questions. A monthly billing statement will also be mailed to your home address.

 

How to store closing documents

Closing documents are extremely important. Keep them together and stored in a safe place, preferably a fireproof safe or locked cabinet. You'll need to reference them for taxes, so make sure you keep them easily accessible. If you misplace them, feel free to give us a call for replacements.

 

How homeownership affects your taxes

Owning a home can change how you file your taxes and possibly increase your tax deductions. Learn more about filing taxes as a homeowner by visiting irs.gov or contact a qualified tax professional.

If you are a first-time homebuyer, expect tax season to be a little different moving forward. Here are a few tips for filing as a new homeowner in the upcoming tax season.

  • Have your closing documents ready to submit. If you don't have a copy, ask your loan officer to send you one.

  • First-time homebuyers who used an IRA withdrawal to cover down payment or closing costs may be exempt from paying the penalty. Check with your tax professional.

  • You may be able to reduce your taxable income by how much you've paid in mortgage interest during the year. Qualifying mortgage interest is up to 100 percent deductible on a primary or second home.

  • Local property taxes paid each year are deductible.

  • Each state has its own tax rules. Visit your state's IRS website to review what's expected.

 

Why mortgage payment due-dates matter

Failure to make payments on time, even if just a few days late, can impact your credit rating. If you anticipate that this might happen due to a reason beyond your control, please contact your loan servicer right away.

 

What to do if you're facing financial hardship

We are here to support our borrowers any way that we can. Assistance may be offered if you have lost work, are ill or can't work due to caring for a sick family member. Options for assistance vary depending on your situation: It could be in the form of reduced payments or payment due-date forgiveness for an agreed-upon period. Your loan servicer will determine if you are eligible, and will be able to discuss what form that assistance may take. Before committing to any sort of loan modification, please call us FIRST so that we can talk through how this could potentially impact your qualification for a new mortgage going forward.

 

Who is your loan servicer?

Atlantic Bay Mortgage Group originated your loan, but may not be your loan servicer (Read our “Understanding Mortgage Servicing” blog post for more info.) Your loan servicer is the name of the company you send your monthly mortgage payments to. You can locate the name and contact information of your mortgage servicer by reviewing your welcome package or recent monthly billing statement delivered in the mail.

 

Here are some options:

Your loan servicer is Atlantic Bay Mortgage Group (sub serviced by LoanCare):

Your loan servicer is Movement Mortgage (sub serviced by ServiceMac):

Your loan servicer is Dovenmuehle Mortgage:

 

 

We're very thankful that you chose to finance your home through our team and Atlantic Bay, and we hope you'll tell other home seekers to give us a try.

 

 

Thank you!

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