Your first year as an owner

Federal rules let your servicer keep a cushion of up to one-sixth of a year's tax and insurance bills, about two months, in the account. Each year it projects next year's bills and compares them with the account balance.

• Shortage of one month's escrow payment or more: spread over at least 12 months.
• Smaller shortage: the servicer may ask for it within 30 days or spread it out.
• Surplus of $50 or more: refunded within 30 days, if your payments are current.

Most servicers let you pay a shortage in one lump sum to keep the monthly payment lower. Your new payment still reflects the higher bills going forward.

When your loan moves to a new servicer, the old one must notify you at least 15 days before the change and the new one within 15 days after. For 60 days, a payment you send to the old servicer on time cannot be treated as late.

Scammers copy these letters. Before you send money anywhere new, confirm using the phone number on a statement you already have, not one from the letter.

You will also receive official-looking mail offering a "certified copy" of your deed for a fee, or insurance tied to your new mortgage. You can get a copy of your deed from the county clerk and recorder, and you do not have to buy anything you did not request.

• Closing Disclosure: your purchase price and costs, which set your starting cost basis.
• Improvement receipts: a new roof, an addition, a well or septic replacement. The IRS adds qualifying improvements to your basis, which can lower taxable gain when you sell.
• Form 1098: sent each January, showing mortgage interest paid. It matters only if you itemize.
• Insurance policy: review it at each renewal, especially the rebuild amount if you are in a wildfire area.

Ask a tax professional how these apply to you.

Rural homes have systems that homes in town do not. Here is what to plan for:

• Septic: the EPA suggests an inspection at least every three years and pumping every three to five.
• Well: pumps and pressure tanks wear out. Test the water each year if you can.
• Roof and gutters: heavy snow and spring melt find weak spots.
• Wildfire space: keep the first five feet around the house clear, and thin brush each year.
• Heat: service the furnace, and have wood stoves and chimneys cleaned.