What is the borrower's primary responsibility after a mortgage loan is closed?

The primary responsibility of the borrower after a mortgage loan is closed is to make timely payments on the loan. This ensures that the borrower remains in good standing with their lender, avoids late fees, and prevents potential foreclosure. Making payments as agreed is crucial to maintaining a positive credit history, which can affect future borrowing opportunities and financial health.

While maintaining the property value is important, as it can impact the borrower's overall financial situation, it is not explicitly the borrower's direct responsibility as stipulated in their mortgage agreement. Refinancing the mortgage or selling the property at a profit may also be future considerations for a borrower but are not ongoing responsibilities post-closing. Therefore, timely payment of the loan is the central obligation that must be consistently fulfilled to protect both the borrower and the lender.