You have worked so hard to get to this day and now you're here! At the closing, you meet with a title company representative and sign a LOT of paperwork.
Probably the most important document is one that you do not sign - only the seller does - and that is the deed. It transfers title from the seller to you. This gets recorded at the county then the original is returned to you
Next in importance are the note and the mortgage. The note is your promise to repay the loan and the mortgage is what ties it to your home. The note names the borrower(s) and tells you these things:
- Interest rate
- The amount you are borrowing
- The dates when you must make payments
- The length of time for repayment
The mortgage puts your house as collateral for the loan and tells you what will happen if you don't make your payments. This document is recorded at the county.
You'll notice that the closing disclosure looks a lot like your Lending Estimate from the very beginning of the mortgage process. This lays out all the fees you'll be paying.
The loan application. You may not agree with the numbers but they match up with the documentation in your file so don't worry about that.
There are many others but the title company closers are very good at explaining each one.
You will likely notice that you attest multiple times that you will occupy the property unless your loan has been set up as a rental property or a second home.
Have fun and celebrate! This is a big deal. Thank you so much for choosing my team to lead you through the process.