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Mortgage Documents Needed for the House Closure

It must be an exhilarating feeling if you are in the process of obtaining your first home. In the process of purchasing a home, closing on your house is the final stage. You will be the owner of your own home if you finally get through this stage. For you to smoothly close on your home, it is essential to have these mortgage documents with you. A closing disclosure is the first document that you and the closing agent will need to review. This document contains all the costs that will be required for the purchasing of your home. Real estate taxes and loan fees are the kinds of these costs details among others. A loan estimate form is another document you have to be prepared with.

Every critical aspect of your investment are contained here. After asking for a loan, you should be able to get this from within a few days. During the closing day, you need to sit and compare both the closing disclosure and loan estimate documents. Another important document is the promissory note which contains your pledged for repaying the loan and the legal evidence of your mortgage. The kind of penalties you will have to face if you do not repay your mortgage loan is also included in this document.

The other mortgage document is the deed of trust which also works as an instrument for protection. By signing this document you will agree that your home will act as the security for the loan. By signing this document, you will generally be agreeing that if you do not repay your loan, the lender can proceed to foreclose on your house. The other report that also confirms that a new house is constructed according to the rules and the systems of the country is the certificate of occupancy. You will be issued with this document at the local department of the building. This is just important if you are purchasing a new home.

Before you can close on your house, homeowners insurance is also needed. You need to have the record that shows you have already insured the more you want to buy before closing on it. Home inspection report is also another one of these documents that you should have. The purpose of this document is to verify that the home you want to buy is safe for holding. Another important mortgage document that you should have is your identity card. Ensure that the names you have used on the other records are the same on your identity card.

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