If you are in the process of purchasing your first home, you must be feeling excited. In the process of purchasing a home, closing on your house is the final stage. When you finally get through it, you will be the owner of a new home. Below are the essential mortgage documents that you need to have for you to have an easy time closing on your house. One of these documents is the closing disclosure which you will need to first discuss with your closing agent. The expenses for purchasing your home is what is contained in this document. The kind of values that are included here are real estate taxes and loan fees among others. A loan estimate form is another document you have to be prepared with.
This one covers every critical detail concerning your loan. Within a few days of applying for a loan, you should be able to have received your loan estimate loan. On that closing date, you need to take some time and consider both the closing closure and the loan estimate documents. You also need to get ready with a promissory note which contains your pledge to pay the loan back 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. A certificate of occupancy is another mortgage document that certifies that a new home is built according to the laws and the codes of the state. You get this document from your local building department. If you are purchasing a new home that is only time that this will be applicable.
Before you can close on your house, homeowners insurance is also needed. It is, therefore, essential to have a ready report as proof of having issued the homeowner insurance. Home inspection report is also another one of these documents that you should have. This document is for ensuring that the house you want to buy is safe for living. And lastly, you will need to also have your valid identity card with you. The names on your identity card should match the ones on all the other mortgage documents that you have.