No doubt about it … The steps involved in obtaining the financing for the purchase of your new home was daunting and probably made you feel totally overwhelmed, especially when you were right in the midst of the mortgage loan process, right?

Well … Congratulations … You survived and NOW you own your new home! Listed below, but not limited to, are many of the typical transaction documents that are included in the stack of legal documents that you should file safely away after settlement for future reference.

• Loan Estimate – Your lender was required to provide you with this 3-page document within 3 business days of receiving your loan application. It showed estimates for your interest rate, monthly payment, closing costs, taxes and hazard insurance. This document would also have illustrated how your interest rate and monthly payments could change in the future, the existence of any pre-payment penalty or increases to the mortgage loan balance even if payments are made on time (aka negative amortization).
• Closing Disclosure – By law, your lender was required to send this 5-page form to you within 3 business days before your closing. This form illustrated your final loan terms, projected monthly payments and closing costs. You would have compared this disclosure to the 3-page Loan Estimate, defined above. Confirmation of receipt of the Closing Disclosure would also have been a requirement by you, the loan applicant.
• ALTA Settlement Statement – This itemized all the fees and charges that both, you, the homebuyer, and the seller agreed to at closing. Both you and the seller received original-signed copies of this document.
• Promissory Note – This is your pledge to repay the loan to your lender. It detailed the terms of your loan, the amount you owe, the interest rate of your loan, the dates when payments are to be made, length of time for repayment and where you need to send your payments.
• Mortgage – This legal document gave your lender an interest in your home as collateral for the loan.
• Deed – This document officially transferred ownership of the property to you, from the seller.
• Title Commitment – This was proof of title insurance being issued by the title company giving you free and clear ownership.
• Affidavits – These would be any binding statements attested to by either party.
• Riders – These would be any addendum’s to the sales contract that would have affected your rights.
• Survey – The lender required a survey be completed which shows the precise legal boundaries of your property, the location of any improvements, easements, encroachments, rights of way and any other physical features.

We hope you found this post to be helpful, informative and interesting … Watch for our next BLOG POST on December 15th.

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