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What are Home Loan Closing Documents?

From the start of your home buying journey to the moment you find the house you’re looking for and submit your offer, you and your real estate team will be reviewing and exposed to a lot of different types of documentation. There are a variety of agreements, forms and contracts you’ll be signing that make up the home loan closing documents, and it can help to know what you’ll be reviewing and exposed to as you continue through this part of the process. The more you know, the easier the experience of buying a house becomes.

Forms You’ll See Before You Buy

Buyer Representative Agreement: This is a document you’ll sign when you find the right real estate agent to represent you. It acts as a legal contract that formalizes the professional relationship you’ll venture into with your agent.

Uniform Residential Loan Application: As part of your mortgage loan application, you’ll be sharing information about your finances and yourself in this form, including your income, household expenses and debts, assets and personal information, among other things. This is part of the process to determine your potential loan amount and ability for repayment.

Purchase Agreement: A Purchase Agreement details the sales arrangements for the house you decide you want to purchase, outlining the terms of the sale, commissions, potential closing date and more. As part of your closing documents, this agreement helps you secure financing for your mortgage.

Loan Estimate: Shortly after completion and submission of your loan application, your lender will present you with a Loan Estimate that will outline the details of your mortgage, including your closing costs.

Forms You'll Sign at Closing

Closing Disclosure: This is a detailed listing of all the costs, fees and credits that affect the closing of your loan. You should receive this document from your lender three business days before closing, which allows you time to ensure your terms match up with what was outlined in the Loan Estimate.

The Promissory Note: All of the details of your loan can be found in this document, including payment dates, where payment can be sent, and what happens if you’re late on payments. Signing this document signifies your agreement to repay the loan on these terms.

Deed of Trust: In addition to outlining your rights as a borrower, this document gives the lender a security interest in the property, securing the amount of the loan as stated in the Promissory Note.  Additionally, this document grants the lender the authority to foreclose and  repossess the  property if you default on your loan and find yourself unable to pay.

Deed: When the seller signs the deed, it means your new home is officially being transferred in your name – though the title will be held with a third-party trustee until you’ve completely paid your mortgage. You’ll receive a copy of your deed with the closing paperwork.

Affidavits and Declarations: These documents act as a declaration that all of the information you’ve given throughout the purchase process are true and accurate. It will also detail repairs that were made before closing, and your intent to use the home as your primary residence.

There’s a lot of paperwork to work with as you’re buying your house, and it can get confusing at times as you navigate through it all. Don’t be afraid to ask your lender, real estate agent or anyone else who is on your team for help, guidance and clarification if you need it. They’re there to help!

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